# ASC 815-944-05: Derivatives and Hedging — Financial Services—Insurance — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/815/944/#05-overview-and-background)

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## ASC 815-944-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/815/944/#05-overview-and-background)

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##### [815-944-05-1](https://asc.understandingaccounting.org/asc/815/944/#815-944-05-1)

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Topic 815 provides guidance on accounting for and financial reporting of derivative instruments and hedging activities. This Subtopic includes guidance on some specific issues. The guidance in this Subtopic is presented in the following two Subsections:

1.  a
    
    General
    
2.  b
    
    Long-Duration Contracts.

##### [815-944-05-1A](https://asc.understandingaccounting.org/asc/815/944/#815-944-05-1A)

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The Short-Duration Contracts Subsections of this Subtopic provide insurance entities with references in Section 944-815-60 to guidance on accounting for and financial reporting of derivative instruments and hedging activities involving short-duration contracts.

### Long-Duration Contracts

##### [815-944-05-2](https://asc.understandingaccounting.org/asc/815/944/#815-944-05-2)

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The Long-Duration Contracts Subsections of this Subtopic provide insurance entities guidance on accounting for and financial reporting of derivative instruments and hedging activities involving long-duration contracts.