# ASC 944-80-50: Financial Services—Insurance — Separate Accounts — 50 Disclosure

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/944/80/#50-disclosure)

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## ASC 944-80-50: 50 Disclosure

[Read section](https://asc.understandingaccounting.org/asc/944/80/#50-disclosure)

SEC content: no

##### [944-80-50-1](https://asc.understandingaccounting.org/asc/944/80/#944-80-50-1)

Pending content: yes

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The following information shall be disclosed in the financial statements of the insurance entity:

1.  a
    
    The general nature of the contracts reported in separate accounts, including the extent and terms of minimum guarantees (including [market risk benefits](https://asc.understandingaccounting.org/glossary/m/#market-risk-benefit "A contract or contract feature in a long-duration contract issued by an insurance entity that both protects the contract holder from other-than-nominal capital market risk and exposes the insurance entity to other-than-nominal capital market risk."))
    
2.  b
    
    The basis of presentation for both of the following:
    
    1.  1
        
        [Separate account](https://asc.understandingaccounting.org/glossary/s/#separate-account "A separate investment account established and maintained by an insurance entity under relevant state insurance law to which funds have been allocated for certain contracts of the insurance entity or similar accounts used for foreign originated products. The term separate accounts includes separate accounts and subaccounts or investment divisions of separate accounts.") assets and liabilities
        
    2.  2
        
        Related separate account activity.
        
3.  c
    
    [Subparagraph superseded by Accounting Standards Update No. 2018-12](https://asc.understandingaccounting.org/updates/asu-2018-12/).
    
4.  d
    
    [Subparagraph superseded by Accounting Standards Update No. 2018-12](https://asc.understandingaccounting.org/updates/asu-2018-12/).
    
5.  e
    
    The aggregate [fair value](https://asc.understandingaccounting.org/glossary/f/#fair-value "The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.") of assets, by major investment asset category, supporting separate accounts as of each date for which a statement of financial position is presented
    
6.  f
    
    The amount of gains and losses recognized on assets transferred to separate accounts for the periods presented.
    

Transition date:(P) December 16, 2027; (N) December 16, 2028Transition guidance:

[270-10-65-1](https://asc.understandingaccounting.org/asc/270/10/#270-10-65-1)The following information shall be disclosed in the interim and annual financial statements of the insurance entity:

1.  a
    
    The general nature of the contracts reported in separate accounts, including the extent and terms of minimum guarantees (including [market risk benefits](https://asc.understandingaccounting.org/glossary/m/#market-risk-benefit "A contract or contract feature in a long-duration contract issued by an insurance entity that both protects the contract holder from other-than-nominal capital market risk and exposes the insurance entity to other-than-nominal capital market risk."))
    
2.  b
    
    The basis of presentation for both of the following:
    
    1.  1
        
        [Separate account](https://asc.understandingaccounting.org/glossary/s/#separate-account "A separate investment account established and maintained by an insurance entity under relevant state insurance law to which funds have been allocated for certain contracts of the insurance entity or similar accounts used for foreign originated products. The term separate accounts includes separate accounts and subaccounts or investment divisions of separate accounts.") assets and liabilities
        
    2.  2
        
        Related separate account activity.
        
3.  c
    
    [Subparagraph superseded by Accounting Standards Update No. 2018-12](https://asc.understandingaccounting.org/updates/asu-2018-12/).
    
4.  d
    
    [Subparagraph superseded by Accounting Standards Update No. 2018-12](https://asc.understandingaccounting.org/updates/asu-2018-12/).
    
5.  e
    
    The aggregate [fair value](https://asc.understandingaccounting.org/glossary/f/#fair-value "The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.") of assets, by major investment asset category, supporting separate accounts as of each date for which a statement of financial position is presented
    
6.  f
    
    The amount of gains and losses recognized on assets transferred to separate accounts for the periods presented.

##### [944-80-50-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-50-2)

Pending content: no

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For annual and interim reporting periods, an insurance entity shall disclose the following information about separate account liabilities described in paragraph [944-80-25-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2):

1.  a
    
    A year-to-date disaggregated tabular rollforward of the beginning balance to the ending balance disaggregated in accordance with paragraph [944-40-50-5A](https://asc.understandingaccounting.org/asc/944/40/#944-40-50-5A)
    
2.  b
    
    For each separate account liability rollforward presented, the related [cash surrender values](https://asc.understandingaccounting.org/glossary/c/#cash-surrender-value "The amount of cash that may be realized by the owner of a life insurance contract or annuity contract upon discontinuance and surrender of the contract before its maturity. The cash surrender value may be different from the policy account balance due to outstanding loans (including accrued interest) and surrender charges. (Note: The use of this glossary term is not consistent among legal contracts. When determining the applicability of this term, the economic substance of the item shall be taken into consideration.)")
    
3.  c
    
    A reconciliation of the separate account liability rollforwards to the aggregated ending carrying amount of the liability in the statement of financial position.