# ASC 605-944-15: Revenue Recognition — Financial Services—Insurance — 15 Scope and Scope Exceptions

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/605/944/#15-scope-and-scope-exceptions)

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## ASC 605-944-15: 15 Scope and Scope Exceptions

[Read section](https://asc.understandingaccounting.org/asc/605/944/#15-scope-and-scope-exceptions)

SEC content: no

#### Overall Guidance

##### [605-944-15-1](https://asc.understandingaccounting.org/asc/605/944/#605-944-15-1)

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This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 944-10-15, with specific entity exceptions noted below.

#### Entities

##### [605-944-15-2](https://asc.understandingaccounting.org/asc/605/944/#605-944-15-2)

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The guidance in this Subtopic does not apply to [mortgage guaranty insurance entities](https://asc.understandingaccounting.org/glossary/m/#mortgage-guaranty-insurance-entity "An insurance entity that issues insurance contracts that guarantee lenders, such as savings and loan associations, against nonpayment by mortgagors.").

### Short-Duration Contracts

#### Overall Guidance

##### [605-944-15-3](https://asc.understandingaccounting.org/asc/605/944/#605-944-15-3)

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The Short-Duration Contracts Subsections of this Subtopic follow the same Scope and Scope Exceptions as outlined in the [General Subsection](https://asc.understandingaccounting.org/updates/page-2147479834/) of this Section, with specific instrument exceptions noted below.

#### Instruments

##### [605-944-15-4](https://asc.understandingaccounting.org/asc/605/944/#605-944-15-4)

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The guidance in the Short-Duration Contracts Subsections of this Subtopic applies only to short-duration contracts. See the [Short-Duration Contracts Subsection](https://asc.understandingaccounting.org/asc/944/20/#15-scope-and-scope-exceptions) of Section 944-20-15 for a discussion of what constitutes a short-duration contract.

### Long-Duration Contracts

#### Overall Guidance

##### [605-944-15-5](https://asc.understandingaccounting.org/asc/605/944/#605-944-15-5)

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The Long-Duration Contracts Subsections of this Subtopic follow the same Scope and Scope Exceptions as outlined in the [General Subsection](https://asc.understandingaccounting.org/updates/page-2147479834/) of this Section, with specific instrument exceptions noted below.

#### Instruments

##### [605-944-15-6](https://asc.understandingaccounting.org/asc/605/944/#605-944-15-6)

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The guidance in the Long-Duration Contracts Subsections of this Subtopic applies only to long-duration contracts. See the [Long-Duration Contracts Subsection](https://asc.understandingaccounting.org/asc/944/20/#15-scope-and-scope-exceptions) of Section 944-20-15 for a discussion of what constitutes a long-duration contract.

### Reinsurance Contracts

#### Overall Guidance

##### [605-944-15-7](https://asc.understandingaccounting.org/asc/605/944/#605-944-15-7)

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The Reinsurance Contracts Subsections of this Subtopic follow the same Scope and Scope Exceptions as outlined in the [General Subsection](https://asc.understandingaccounting.org/updates/page-2147479834/) of this Section, with specific instrument exceptions noted below.

#### Instruments

##### [605-944-15-8](https://asc.understandingaccounting.org/asc/605/944/#605-944-15-8)

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The guidance in the Reinsurance Contracts Subsections of this Subtopic applies only to [reinsurance](https://asc.understandingaccounting.org/glossary/r/#reinsurance "A transaction in which a reinsurer (assuming entity), for a consideration (premium), assumes all or part of a risk undertaken originally by another insurer (ceding entity). For indemnity reinsurance, the legal rights of the insured are not affected by the reinsurance transaction and the insurance entity issuing the insurance contract remains liable to the insured for payment of policy benefits. Assumption or novation reinsurance contracts that are legal replacements of one insurer by another extinguish the ceding entity's liability to the policyholder.") contracts. See the [Reinsurance Contracts Subsection](https://asc.understandingaccounting.org/asc/944/20/#15-scope-and-scope-exceptions) of Section 944-20-15 for a discussion of what constitutes a reinsurance contract.

### Financial Guarantee Insurance Contracts

##### [605-944-15-9](https://asc.understandingaccounting.org/asc/605/944/#605-944-15-9)

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The guidance in the Financial Guarantee Insurance Contracts Subsections of this Subtopic applies only to financial guarantee insurance contracts (which include financial guarantee reinsurance contracts).