{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/944/10/#05-overview-and-background","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":"944","topic_title":"Financial Services—Insurance","subtopic":"944-10","subtopic_title":"Overall","section":{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"944-10-05-1","para":"05-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The Financial Services—Insurance Topic provides guidance on financial accounting and reporting by insurance entities. The Financial Services—Insurance Topic includes the following Subtopics:<ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\">Overall</div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\">Insurance Activities</div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\">Acquisition Costs</div></li><li class=\"li-norm\"><span class=\"linum\">d</span><div class=\"p\">Claim Costs and Liabilities for Future Policy Benefits</div></li><li class=\"li-norm\"><span class=\"linum\">e</span><div class=\"p\">Policyholder Dividends</div></li><li class=\"li-norm\"><span class=\"linum\">f</span><div class=\"p\">Premium Deficiency and Loss Recognition</div></li><li class=\"li-norm\"><span class=\"linum\">g</span><div class=\"p\">Separate Accounts</div></li><li class=\"li-norm\"><span class=\"linum\">h</span><div class=\"p\">Balance Sheet</div></li><li class=\"li-norm\"><span class=\"linum\">i</span><div class=\"p\">Income Statement</div></li><li class=\"li-norm\"><span class=\"linum\">j</span><div class=\"p\">Notes to Financial Statements</div></li><li class=\"li-norm\"><span class=\"linum\">k</span><div class=\"p\">Receivables</div></li><li class=\"li-norm\"><span class=\"linum\">l</span><div class=\"p\"><a href=\"/updates/asu-2016-01/\" class=\"xref\">Subparagraph superseded by Accounting Standards Update No. 2016-01</a>.</div></li><li class=\"li-norm\"><span class=\"linum\">m</span><div class=\"p\"><a href=\"/updates/asu-2016-01/\" class=\"xref\">Subparagraph superseded by Accounting Standards Update No. 2016-01</a>.</div></li><li class=\"li-norm\"><span class=\"linum\">n</span><div class=\"p\">Other Assets and Deferred Costs</div></li><li class=\"li-norm\"><span class=\"linum\">o</span><div class=\"p\">Property, Plant, and Equipment</div></li><li class=\"li-norm\"><span class=\"linum\">p</span><div class=\"p\">Liabilities</div></li><li class=\"li-norm\"><span class=\"linum\">q</span><div class=\"p\">Debt</div></li><li class=\"li-norm\"><span class=\"linum\">r</span><div class=\"p\">Equity</div></li><li class=\"li-norm\"><span class=\"linum\">s</span><div class=\"p\">Revenue Recognition</div></li><li class=\"li-norm\"><span class=\"linum\">t</span><div class=\"p\">Other Expenses</div></li><li class=\"li-norm\"><span class=\"linum\">u</span><div class=\"p\">Income Taxes</div></li><li class=\"li-norm\"><span class=\"linum\">v</span><div class=\"p\">Business Combinations</div></li><li class=\"li-norm\"><span class=\"linum\">w</span><div class=\"p\">Derivatives and Hedging</div></li><li class=\"li-norm\"><span class=\"linum\">x</span><div class=\"p\">Financial Instruments.</div></li></ol></div></div>","snippet":"The Financial Services—Insurance Topic provides guidance on financial accounting and reporting by insurance entities. The Financial Services—Insurance Topic includes the following Subtopics:\n(a) Overall\n(b) Insurance Act…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3a7e55f37b5ecbdde19abc472f5c46694d5ae7a5b76a3b286e7fb58f5353950f","downloaded_from":"2026-09-10T02:14:27.637Z","last_downloaded_at":"2026-09-10T02:14:27.637Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477108","source_sha256":"da5154920f6d0ee4af3d03ab9cd2a06ed35dd60e120c7b6e04b4bd854cb91a41"}},{"citation":"944-10-05-2","para":"05-2","html":"<div class=\"asc-body\"><div class=\"norm-text\">Guidance that applies only to a specific type of contract has been presented in the following four subsections:<ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\">Short-Duration Contracts</div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\">Long-Duration Contracts</div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\"><a href=\"/glossary/r/#reinsurance\" class=\"term\" title=\"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.\"><span>Reinsurance</span></a> Contracts</div></li><li class=\"li-norm\"><span class=\"linum\">d</span><div class=\"p\">Financial Guarantee Insurance Contracts.</div></li></ol></div></div>","snippet":"Guidance that applies only to a specific type of contract has been presented in the following four subsections:\n(a) Short-Duration Contracts\n(b) Long-Duration Contracts\n(c) Reinsurance Contracts\n(d) Financial Guarantee I…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:03c32665d37e33d8f1662d5a3838c1c30a35ba23d39fd1a093d68b192b6c8ada","downloaded_from":"2026-09-10T02:14:27.637Z","last_downloaded_at":"2026-09-10T02:14:27.637Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477108","source_sha256":"da5154920f6d0ee4af3d03ab9cd2a06ed35dd60e120c7b6e04b4bd854cb91a41"}},{"citation":"944-10-05-3","para":"05-3","html":"<div class=\"asc-body\"><div class=\"norm-text\">Each Subtopic provides background on the guidance provided. Each Subtopic identifies any additional Subsections used.</div></div>","snippet":"Each Subtopic provides background on the guidance provided. Each Subtopic identifies any additional Subsections used.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:364c575b2837adff7ea0ae68ed434eac40b6e64f4567c042fd4e7869ddd84071","downloaded_from":"2026-09-10T02:14:27.637Z","last_downloaded_at":"2026-09-10T02:14:27.637Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477108","source_sha256":"da5154920f6d0ee4af3d03ab9cd2a06ed35dd60e120c7b6e04b4bd854cb91a41"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9eb02ee9b3d3c06ef27b94b39196f994f05489ee9879bebbf26f61edcb5feaec","downloaded_from":"2026-09-10T02:14:27.637Z","last_downloaded_at":"2026-09-10T02:14:27.637Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477108","source_sha256":"da5154920f6d0ee4af3d03ab9cd2a06ed35dd60e120c7b6e04b4bd854cb91a41"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:201876223529c911a30b0bbfe34ff0ec98d01462414a5edd9ee3faaf440041f2","downloaded_from":"2026-09-10T02:14:27.637Z","last_downloaded_at":"2026-09-10T02:14:27.637Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477108","source_sha256":"da5154920f6d0ee4af3d03ab9cd2a06ed35dd60e120c7b6e04b4bd854cb91a41"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:201876223529c911a30b0bbfe34ff0ec98d01462414a5edd9ee3faaf440041f2","downloaded_from":"2026-09-10T02:14:27.637Z","last_downloaded_at":"2026-09-10T02:14:27.637Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477108","source_sha256":"da5154920f6d0ee4af3d03ab9cd2a06ed35dd60e120c7b6e04b4bd854cb91a41"}}