{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/720/944/#55-implementation-guidance-and-illustrations","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":"720","topic_title":"Other Expenses","subtopic":"720-944","subtopic_title":"Financial Services—Insurance","section":{"number":"55","label":"55 Implementation Guidance and Illustrations","anchor":"55-implementation-guidance-and-illustrations","is_sec":false,"groups":[{"block":null,"heading":"Implementation Guidance","paragraphs":[{"citation":"720-944-55-1","para":"55-1","html":"
This implementation guidance addresses paragraph 944-720-25-2(a), which requires that an insurance entity charge to expense as incurred any acquisition-related cost that cannot be capitalized in accordance with paragraphs 944-30-25-1A through 25-1AA. Such costs include costs of all of the following:
a
Soliciting potential customers (except direct-response advertising capitalized in accordance with paragraph 944-30-25-1AA)
b
Market research
c
Training
d
Administration
e
Unsuccessful acquisition or renewal efforts (except direct-response advertising capitalized in accordance with paragraph 944-30-25-1AA)
f
Product development.
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This implementation guidance addresses paragraph 944-720-25-2(b), which requires that an insurance entity charge to expense as incurred any indirect cost. Such costs include all of the following:
a
Administrative costs
b
Rent
c
Depreciation
d
Occupancy costs
e
Equipment costs (including data processing equipment dedicated to acquiring insurance contracts)
f
Other general overhead.
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