# ASC 944-10-05: Financial Services—Insurance — Overall — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/944/10/#05-overview-and-background)

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## ASC 944-10-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/944/10/#05-overview-and-background)

SEC content: no

##### [944-10-05-1](https://asc.understandingaccounting.org/asc/944/10/#944-10-05-1)

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The Financial Services—Insurance Topic provides guidance on financial accounting and reporting by insurance entities. The Financial Services—Insurance Topic includes the following Subtopics:

1.  a
    
    Overall
    
2.  b
    
    Insurance Activities
    
3.  c
    
    Acquisition Costs
    
4.  d
    
    Claim Costs and Liabilities for Future Policy Benefits
    
5.  e
    
    Policyholder Dividends
    
6.  f
    
    Premium Deficiency and Loss Recognition
    
7.  g
    
    Separate Accounts
    
8.  h
    
    Balance Sheet
    
9.  i
    
    Income Statement
    
10.  j
     
     Notes to Financial Statements
     
11.  k
     
     Receivables
     
12.  l
     
     [Subparagraph superseded by Accounting Standards Update No. 2016-01](https://asc.understandingaccounting.org/updates/asu-2016-01/).
     
13.  m
     
     [Subparagraph superseded by Accounting Standards Update No. 2016-01](https://asc.understandingaccounting.org/updates/asu-2016-01/).
     
14.  n
     
     Other Assets and Deferred Costs
     
15.  o
     
     Property, Plant, and Equipment
     
16.  p
     
     Liabilities
     
17.  q
     
     Debt
     
18.  r
     
     Equity
     
19.  s
     
     Revenue Recognition
     
20.  t
     
     Other Expenses
     
21.  u
     
     Income Taxes
     
22.  v
     
     Business Combinations
     
23.  w
     
     Derivatives and Hedging
     
24.  x
     
     Financial Instruments.

##### [944-10-05-2](https://asc.understandingaccounting.org/asc/944/10/#944-10-05-2)

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Guidance that applies only to a specific type of contract has been presented in the following four subsections:

1.  a
    
    Short-Duration Contracts
    
2.  b
    
    Long-Duration Contracts
    
3.  c
    
    [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
    
4.  d
    
    Financial Guarantee Insurance Contracts.

##### [944-10-05-3](https://asc.understandingaccounting.org/asc/944/10/#944-10-05-3)

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Each Subtopic provides background on the guidance provided. Each Subtopic identifies any additional Subsections used.