{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/605/944/#35-subsequent-measurement","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":"35","label":"35 Subsequent Measurement","anchor":"35-subsequent-measurement","is_sec":false,"groups":[{"block":"Long-Duration Contracts","heading":"Limited-Payment Contracts","paragraphs":[{"citation":"605-944-35-1","para":"35-1","html":"
Any gross premium deferred in accordance with paragraph 944-605-25-4A(that is, the deferred profit liability) shall be recognized in income in a constant relationship with insurance in force (if accounting for life insurance contracts) or with the amount of expected future benefit payments (if accounting for annuity contracts).
","snippet":"Any gross premium deferred in accordance with paragraph 944-605-25-4A(that is, the deferred profit liability) shall be recognized in income in a constant relationship with insurance in force (if accounting for life insur…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d926a2d2ffd677ceddb33ecd75824695a36903df4b9a86efd4ca4bac0f744a0a","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}},{"citation":"605-944-35-1A","para":"35-1A","html":"
The deferred profit liability shall be amortized in relation to the discounted amount of the insurance in force or expected future benefit payments, discounted as described in paragraph 944-40-30-9, and interest shall accrue to the unamortized balance. The use of interest in the amortization is consistent with the determination of the deferred profit using discounting.
","snippet":"The deferred profit liability shall be amortized in relation to the discounted amount of the insurance in force or expected future benefit payments, discounted as described in paragraph 944-40-30-9, and interest shall ac…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:86990d44b3783648a19c8a949246085403ecbc9143a4073501435206661ce647","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}},{"citation":"605-944-35-1B","para":"35-1B","html":"
Assumptions shall be updated in subsequent accounting periods to determine changes in the deferred profit liability, contemporaneously with the updating of assumptions for the corresponding liability for future policy benefits (see paragraph 944-40-35-5). Cash flow assumptions shall be reviewed—and if there is a change, updated—on an annual basis, at the same time every year. Cash flow assumptions shall be updated in interim reporting periods if evidence suggests that earlier cash flow assumptions should be revised. The interest accretion rate shall remain the original discount rate used at contract issue date.
","snippet":"Assumptions shall be updated in subsequent accounting periods to determine changes in the deferred profit liability, contemporaneously with the updating of assumptions for the corresponding liability for future policy be…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8f8625e1e3c5634e989aedabd38017faca02ed31076cd930a9f3d075652b1eaa","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}},{"citation":"605-944-35-1C","para":"35-1C","html":"
A related charge or credit to net income for the current reporting period as a result of updating cash flow assumptions at the level of aggregation at which reserves are calculated shall be determined as follows:
  1. a
    Cash flow assumptions used to calculate the deferred profit liability at contract issuance shall be updated in subsequent periods using actual historical experience and updated future cash flow assumptions.
  2. b
    The recalculated deferred profit liability as of the contract issue date shall be subsequently amortized in accordance with paragraph 944-605-35-1A to derive the revised deferred profit liability estimate as of the beginning of the current reporting period.
  3. c
    The revised deferred profit liability estimate calculated in (b) shall be compared with the carrying amount of the deferred profit liability as of the beginning of the current reporting period to determine the change in estimate adjustment to be recognized in net income for the current reporting period (see paragraph 944-40-45-4).
","snippet":"A related charge or credit to net income for the current reporting period as a result of updating cash flow assumptions at the level of aggregation at which reserves are calculated shall be determined as follows:\n(a) Cas…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:27e818b16c5da2dfedf8681a8faa4a1166e280b7c4de9024c9815cecfffe4b67","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b012bf8b2a30cf28c3dcb259f41c9b623af74fa8cbe42f2e2447fd05ef6d9be4","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}},{"block":"Long-Duration Contracts","heading":"Universal Life-Type Contracts","paragraphs":[{"citation":"605-944-35-2","para":"35-2","html":"
Amounts recognized as unearned revenue under paragraph 944-605-25-6 shall be recognized in income over the period benefited using the same assumptions and factors used to amortize capitalized acquisition costs under the Long-Duration Contracts Subsection of Section 944-30-35.
","snippet":"Amounts recognized as unearned revenue under paragraph 944-605-25-6 shall be recognized in income over the period benefited using the same assumptions and factors used to amortize capitalized acquisition costs under the …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a982dcff919a2bd2d33b25917d9f74289c68a6bd301c4abe91bdd5b785acdb19","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}},{"citation":"605-944-35-3","para":"35-3","html":"
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Paragraph 944-605-25-17 explains that only if reasonable estimates cannot be made currently for the reason discussed in paragraph 944-605-25-18, shall the open year method be used.
","snippet":"Paragraph 944-605-25-17 explains that only if reasonable estimates cannot be made currently for the reason discussed in paragraph 944-605-25-18, shall the open year method be used.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:92f655171411e421cea5fd6c1749adfbe3b1b3698e238dedf6e3e1dce12c7bc0","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}},{"citation":"605-944-35-5","para":"35-5","html":"
Under the open year method, underwriting results of foreign reinsurance shall not be included in the income statement until sufficient information becomes available to provide reasonable estimates of earned premiums. Instead, premiums, claims, commissions, and related direct taxes shall be included in the open underwriting balance to which they pertain. The underwriting balances shall be aggregated and each underwriting balance shall be kept open until sufficient information becomes available to record a reasonable estimate of earned premiums.
","snippet":"Under the open year method, underwriting results of foreign reinsurance shall not be included in the income statement until sufficient information becomes available to provide reasonable estimates of earned premiums. Ins…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:708cbca0b8f17c45a3febc33328b9356c3fc4b5013f8f32fbdb8498cbb9d752d","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}},{"citation":"605-944-35-6","para":"35-6","html":"
The underwriting balance aggregated under the preceding paragraph shall be disaggregated and reported in the income statement as premiums, claims, commissions, and related direct taxes when earned premiums are reasonably determinable.
","snippet":"The underwriting balance aggregated under the preceding paragraph shall be disaggregated and reported in the income statement as premiums, claims, commissions, and related direct taxes when earned premiums are reasonably…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:11ddea3578bf55476812117d52fa55ca7cec8db7c67d6e73f551ed19afa95f93","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}},{"citation":"605-944-35-7","para":"35-7","html":"
If it becomes probable that a loss has been incurred before an underwriting balance is closed, a provision for the loss shall be recorded. Examples of situations in which a provision may need to be recorded before an underwriting balance is closed include catastrophic losses, higher-than-expected claim frequency, significant unanticipated adverse events, or a negative open year account.
","snippet":"If it becomes probable that a loss has been incurred before an underwriting balance is closed, a provision for the loss shall be recorded. Examples of situations in which a provision may need to be recorded before an und…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:623a983e66fa7f5d5730c034c37d2144cb6d0caffe705cb5f19aa7b674b63387","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9476ddaccd7e6f99821f6a6f4026d669cc3f7d8d2c5582565a0a89f405597762","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}},{"block":"Reinsurance Contracts","heading":"Reinsurance of Short-Duration Contracts","paragraphs":[{"citation":"605-944-35-8","para":"35-8","html":"
Prepaid reinsurance premiums recognized under paragraph 944-605-25-20 shall be amortized over the remaining contract period in proportion to the amount of insurance protection provided. If the amounts paid are subject to adjustment and can be reasonably estimated, the basis for amortization shall be the estimated ultimate amount to be paid.
","snippet":"Prepaid reinsurance premiums recognized under paragraph 944-605-25-20 shall be amortized over the remaining contract period in proportion to the amount of insurance protection provided. If the amounts paid are subject to…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b3eb0ddb230ec71dc5ce1336b9f523fe26a358adb30c6028fe0c758bb85d1c6a","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}},{"citation":"605-944-35-9","para":"35-9","html":"
Any gain deferred under paragraph 944-605-25-22 shall be amortized over the estimated remaining settlement period. If the amounts and timing of the reinsurance recoveries can be reasonably estimated, the deferred gain shall be amortized using the effective interest rate inherent in the amount paid to the reinsurer and the estimated timing and amounts of recoveries from the reinsurer; that is, the interest method. Otherwise, the proportion of actual recoveries to total estimated recoveries (the recovery method) shall determine the amount of amortization.
","snippet":"Any gain deferred under paragraph 944-605-25-22 shall be amortized over the estimated remaining settlement period. If the amounts and timing of the reinsurance recoveries can be reasonably estimated, the deferred gain sh…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fb63c1aaa04bb66a4630b3188d35766bd447084241ef4c9d307e4ac068783db3","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}},{"citation":"605-944-35-10","para":"35-10","html":"
Amortization of deferred amounts arising from retroactive reinsurance under both the interest method and the recovery method is based on the ceding entity's estimates of the expected timing and total amount of cash flows. The timing of changes in those estimates shall not alter the recognition of the revenues and costs of reinsurance. Therefore, changes in estimates of the amount recoverable from the reinsurer shall be accounted for consistently both at the inception of and after the reinsurance transaction.
","snippet":"Amortization of deferred amounts arising from retroactive reinsurance under both the interest method and the recovery method is based on the ceding entity's estimates of the expected timing and total amount of cash flows…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8531606c224b4b89c26ae75539ce73ee0b7bc3bfe9e1a06f73b772ac97e4f84a","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}},{"citation":"605-944-35-11","para":"35-11","html":"
Changes in the estimated amount of the liabilities relating to the underlying reinsured contracts shall be recognized in earnings in the period of the change.
","snippet":"Changes in the estimated amount of the liabilities relating to the underlying reinsured contracts shall be recognized in earnings in the period of the change.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:59729484b4ff550e5d8a561ea80c3ce3041546f192918b405af5314796db488c","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}},{"citation":"605-944-35-12","para":"35-12","html":"
Reinsurance recoverables shall reflect the related change in the amount recoverable from the reinsurer, and a gain to be deferred and amortized, as described in paragraph 944-605-25-22, shall be adjusted or established as a result. Decreases in the estimated amount of the liabilities shall reduce the related amount recoverable from the reinsurer and accordingly reduce previously deferred gains.
","snippet":"Reinsurance recoverables shall reflect the related change in the amount recoverable from the reinsurer, and a gain to be deferred and amortized, as described in paragraph 944-605-25-22, shall be adjusted or established a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c793cd7ffe57fdbf62109dc89f9d18980441ca9e150ee20c110634ce502e1d6a","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}},{"citation":"605-944-35-13","para":"35-13","html":"
When changes in the estimated amount recoverable from the reinsurer or in the timing of receipts related to that amount occur, a cumulative amortization adjustment shall be recognized in earnings in the period of the change so that the deferred gain reflects the balance that would have existed had the revised estimate been available at the inception of the reinsurance transaction. However, if the revised estimate of the liabilities is less than the amounts paid to the reinsurer, a loss shall not be deferred. The resulting difference shall be recognized in earnings immediately, as described in paragraph 944-605-25-23.
","snippet":"When changes in the estimated amount recoverable from the reinsurer or in the timing of receipts related to that amount occur, a cumulative amortization adjustment shall be recognized in earnings in the period of the cha…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b2165142a7a7f8279774c6f6f7dc1939b38b63569dffaf401e757b5ca20a34fe","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:32e206c48194ba2a08847ae36e2039c2ef2636edfdb1f209d00bc696e7889f5b","downloaded_from":"2026-09-10T00:49:33.589Z","last_downloaded_at":"2026-09-10T00:49:33.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477947","source_sha256":"f9de828c8ecc8e3a8295d46c819f93f9c597a6d4d88ef97fa10adb4b5d254737"}},{"block":"Reinsurance Contracts","heading":"Reinsurance of Long-Duration Contracts","paragraphs":[{"citation":"605-944-35-14","para":"35-14","html":"
Amortization of the estimated cost of reinsurance of long-duration contracts that meets the conditions for reinsurance accounting depends on whether the reinsurance contract is long-duration or short-duration. The cost shall be amortized over the remaining life of the underlying reinsured contracts if the reinsurance contract is long-duration, or over the contract period of the reinsurance if the reinsurance contract is short-duration.
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The assumptions used in accounting for reinsurance costs shall be consistent with those used for the reinsured contracts.
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In instances where a contract period is used as the period of the financial guarantee insurance contract to measure the unearned premium revenue an insurance entity shall adjust the unearned premium revenue to reflect early principal payments as they occur. The adjustment to the unearned premium revenue shall equal the adjustment to the premium receivable.
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