{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/605/944/#00-status","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"605","topic_title":"Revenue Recognition","subtopic":"605-944","subtopic_title":"Financial Services—Insurance","section":{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"605-944-00-1","para":"00-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The following table identifies the changes made to this Subtopic.</div> <div class=\"norm-text\"> <table class=\"asc-table\" frame=\"all\" id=\"SL5751443-161298\"> <tr> <td class=\"entry\"> <strong class=\"ph b\">Paragraph</strong> </td> <td class=\"entry\"> <strong class=\"ph b\">Action</strong> </td> <td class=\"entry\"> <strong class=\"ph b\">Accounting Standards Update</strong> </td> <td class=\"entry\"> <strong class=\"ph b\">Date</strong> </td> </tr> <tr> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/a/#acquisition-costs\" class=\"term\" title=\"Costs that are related directly to the successful acquisition of new or renewal insurance contracts.\"><span>Acquisition Costs</span></a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2010-26/\" class=\"xref\">Accounting Standards Update No. 2010-26</a> </td> <td class=\"entry\">10/13/2010</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/c/#contract-period\" class=\"term\" title=\"The period over which insured events that occur are covered by insurance or reinsurance contracts. Commonly referred to as the coverage period or period that the contracts are in force.\"><span>Contract Period</span></a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a> </td> <td class=\"entry\">12/14/2016</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/l/#liability-for-future-policy-benefits\" class=\"term\" title=\"An accrued obligation to policyholders that relates to insured events, such as death or disability.\"><span>Liability for Future Policy Benefits</span></a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2018-12/\" class=\"xref\">Accounting Standards Update No. 2018-12</a> </td> <td class=\"entry\">08/15/2018</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/n/#net-premiums\" class=\"term\" title=\"For traditional and limited-payment long-duration insurance contracts, the net premium is that portion of the gross premium required to provide for all benefits and expenses, excluding acquisition costs or any costs that are required to be charged to expense as incurred. For long-duration participating life insurance contracts that meet the criteria in paragraph 944-20-15-3, the net premium is a constant ratio of guaranteed maximum gross premiums. The ratio is calculated at issue, so that the present value of all guaranteed death and endowment benefits is equal to the present value of all net premiums.\"><span>Net Premiums</span></a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2018-12/\" class=\"xref\">Accounting Standards Update No. 2018-12</a> </td> <td class=\"entry\">08/15/2018</td> </tr> <tr> <td class=\"entry\"> <strong class=\"ph b\">Reinsurance Receivable</strong> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a> </td> <td class=\"entry\">12/14/2016</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/r/#reinsurance-recoverable\" class=\"term\" title=\"All amounts recoverable from reinsurers for paid and unpaid claims and claim settlement expenses, including estimated amounts receivable for unsettled claims, claims incurred but not reported, or policy benefits.\"><span>Reinsurance Recoverable</span></a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a> </td> <td class=\"entry\">12/14/2016</td> </tr> <tr> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-05-1\" class=\"xref\">944-605-05-1</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a> </td> <td class=\"entry\">12/14/2016</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-05-7\" class=\"xref\">944-605-05-7</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2009-02/\" class=\"xref\">Accounting Standards Update No. 2009-02</a> </td> <td class=\"entry\">07/01/2009</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-05-8\" class=\"xref\">944-605-05-8</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2009-02/\" class=\"xref\">Accounting Standards Update No. 2009-02</a> </td> <td class=\"entry\">07/01/2009</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-25-8\" class=\"xref\">944-605-25-8</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2018-12/\" class=\"xref\">Accounting Standards Update No. 2018-12</a> </td> <td class=\"entry\">08/15/2018</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-25-11\" class=\"xref\">944-605-25-11</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2018-12/\" class=\"xref\">Accounting Standards Update No. 2018-12</a> </td> <td class=\"entry\">08/15/2018</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-25-21\" class=\"xref\">944-605-25-21</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2016-01/\" class=\"xref\">Accounting Standards Update No. 2016-01</a> </td> <td class=\"entry\">01/05/2016</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-25-22\" class=\"xref\">944-605-25-22</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a> </td> <td class=\"entry\">12/14/2016</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-25-23\" class=\"xref\">944-605-25-23</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a> </td> <td class=\"entry\">12/14/2016</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-25-24\" class=\"xref\">944-605-25-24</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2009-02/\" class=\"xref\">Accounting Standards Update No. 2009-02</a> </td> <td class=\"entry\">07/01/2009</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-30-1\" class=\"xref\">944-605-30-1</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2018-12/\" class=\"xref\">Accounting Standards Update No. 2018-12</a> </td> <td class=\"entry\">08/15/2018</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-30-2\" class=\"xref\">944-605-30-2</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2018-12/\" class=\"xref\">Accounting Standards Update No. 2018-12</a> </td> <td class=\"entry\">08/15/2018</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-30-2A\" class=\"xref\">944-605-30-2A</a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2018-12/\" class=\"xref\">Accounting Standards Update No. 2018-12</a> </td> <td class=\"entry\">08/15/2018</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-35-1\" class=\"xref\">944-605-35-1</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2018-12/\" class=\"xref\">Accounting Standards Update No. 2018-12</a> </td> <td class=\"entry\">08/15/2018</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-35-1A\" class=\"xref\">944-605-35-1A</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2018-12/\" class=\"xref\">Accounting Standards Update No. 2018-12</a> </td> <td class=\"entry\">08/15/2018</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-35-1B\" class=\"xref\">944-605-35-1B</a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2018-12/\" class=\"xref\">Accounting Standards Update No. 2018-12</a> </td> <td class=\"entry\">08/15/2018</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-35-1C\" class=\"xref\">944-605-35-1C</a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2018-12/\" class=\"xref\">Accounting Standards Update No. 2018-12</a> </td> <td class=\"entry\">08/15/2018</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-35-8\" class=\"xref\">944-605-35-8</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2012-04/\" class=\"xref\">Accounting Standards Update No. 2012-04</a> </td> <td class=\"entry\">10/01/2012</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-35-9\" class=\"xref\">944-605-35-9</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2012-04/\" class=\"xref\">Accounting Standards Update No. 2012-04</a> </td> <td class=\"entry\">10/01/2012</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-35-12\" class=\"xref\">944-605-35-12</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a> </td> <td class=\"entry\">12/14/2016</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-45-1\" class=\"xref\">944-605-45-1</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/asc-pdf/GUID-8C0B93FE-237A-4BFA-8880-FE749B3CAFCB.pdf\" class=\"pdf-link\" target=\"_blank\" rel=\"noopener\">Maintenance Update 2016-11 (PDF)</a> </td> <td class=\"entry\">06/27/2016</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-55-1\" class=\"xref\">944-605-55-1</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a> </td> <td class=\"entry\">12/14/2016</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-55-11\" class=\"xref\">944-605-55-11</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a> </td> <td class=\"entry\">12/14/2016</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-55-12\" class=\"xref\">944-605-55-12</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a> </td> <td class=\"entry\">12/14/2016</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-55-14\" class=\"xref\">944-605-55-14</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a> </td> <td class=\"entry\">12/14/2016</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/944/#605-944-55-15\" class=\"xref\">944-605-55-15</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a> </td> <td class=\"entry\">12/14/2016</td> </tr> </table> </div> 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