# ASC 944-80: Financial Services—Insurance — Separate Accounts Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/944/80/) 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. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-10T02:18:08.530Z to 2026-09-10T02:18:42.131Z Record version: sha256:3c5db535133f0e612c0d8a1da04c320fa4ad6d15fa2dddf0f5481f8a134a31d1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 944-80: Financial Services—Insurance — Separate Accounts ### Machine-generated study aids ```json { "summary": "ASC 944-80 governs how an insurance entity accounts for and presents separate accounts — pools of assets and liabilities maintained to fund variable annuity, variable life, pension and similar contracts where the contract holder generally bears the investment risk. If a separate account arrangement meets the four criteria in 944-80-25-2 (legal recognition, legal insulation from general account liabilities, contract-holder-directed investment, and full pass-through of investment performance), the contract holder portion is measured at fair value and reported as a single summary total asset with an equivalent summary total liability, with investment performance and amounts credited offset to zero. If any criterion fails (e.g., guaranteed interest or market value adjusted \"spread\" products), the assets and liabilities are accounted for and presented as ordinary general account items.", "key_points": [ "Separate account assets and liabilities are included in the financial statements of the insurance entity that owns the assets and is contractually obligated to pay the liabilities (944-80-25-1; 944-80-45-1).", "Separate account accounting applies only if all four conditions in 944-80-25-2 are met: legal recognition, legal insulation from general account liabilities, contract-holder-directed investment, and pass-through of all investment performance net of fees (a minimum guarantee is permitted, but a ceiling is not).", "When the criteria are met, the contract holder portion is measured initially and subsequently at fair value (944-80-30-1; 944-80-35-2), presented as summary totals (944-80-45-2), and related investment performance and amounts credited to contract holders are offset within the same statement of operations line netting to zero (944-80-45-3); minimum guarantee and insurance benefit liabilities in excess of separate account fair value are general account liabilities (944-80-25-3(b)).", "If the criteria are not met — as with fixed account options, market value adjusted contracts, guaranteed investment contracts, and indexed contracts — the assets, liabilities, revenues, and expenses are measured and presented as general account items (944-80-25-4 through 25-5; 944-80-55-20).", "The insurer's own proportionate interest (seed money) does not qualify for separate account accounting; the insurer looks through and accounts for those underlying assets as if held directly by the general account (944-80-25-6 through 25-7), unless its interest is under 20 percent and all underlying investments are securities or cash equivalents, in which case it may report an equity security investment under Subtopic 321-10 (944-80-25-11).", "For consolidation, a qualifying separate account is treated as a subsidiary for retention of specialized investment accounting (810-10-25-15); separate account interests held for policy holders are not treated as the insurer's interests and are not combined with general account interests, except for related-party policy holders under the VIE Subsections (944-80-25-3(d) through (f)).", "Assets transferred from the general account to a qualifying separate account are recognized at fair value to the extent of third-party contract holders' proportionate interests, with the related gain recognized immediately in general account earnings only if risks and rewards have transferred (944-80-40-1; a guarantee or repurchase commitment precludes gain under 944-80-35-5); disclosures include contract nature and minimum guarantees, basis of presentation, aggregate fair value by major asset category, transfer gains and losses (944-80-50-1), and a disaggregated liability rollforward with cash surrender values and reconciliation (944-80-50-2)." ], "categories": [ "Industry-specific", "Presentation", "Fair value", "Consolidation" ], "audience_level": "advanced", "student_note": "The exam trap is assuming that anything a regulator labels a \"separate account\" gets separate account presentation — it does not; guaranteed interest, market value adjusted, and indexed options fail the full pass-through test in 944-80-25-2(d) and are reported as general account assets and liabilities. Also remember the insurer's own seed money never gets separate account treatment; it is looked through and accounted for as if held directly in the general account.", "related_topics": [ "944-40", "944-605", "810-10", "320-10", "321-10", "360-10" ], "key_concepts": [ "separate account", "contract holder funds", "pass-through of investment performance", "legal insulation", "seed money proportionate interest", "summary total presentation", "minimum guarantees and market risk benefits", "variable annuity contracts" ] } ``` Source downloaded (UTC): 2026-09-10T02:18:08.530Z to 2026-09-10T02:18:08.530Z Record version: sha256:0f63a7566a185c24652634a09b3cadfb78c992f0ee046b3d6c2dabc56e06c311 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 944-80-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/944/80/#00-status) SEC content: no ##### [944-80-00-1](https://asc.understandingaccounting.org/asc/944/80/#944-80-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:08.530Z to 2026-09-10T02:18:08.530Z Record version: sha256:e8dad8f873999471922107bfa243b5e5b3b4ff47efb34f1b4cddb39f06da44c5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Cash Surrender ValueAddedAccounting Standards Update No. 2018-1208/15/2018
Guaranteed Minimum Accumulation BenefitSupersededAccounting Standards Update No. 2018-1208/15/2018
Guaranteed Minimum Income BenefitSupersededAccounting Standards Update No. 2018-1208/15/2018
Market Risk BenefitAddedAccounting Standards Update No. 2018-1208/15/2018
Minimum Guaranteed Death BenefitSupersededAccounting Standards Update No. 2018-1208/15/2018
Net Amount at Risk (Relating to Variable Annuity Contracts)SupersededAccounting Standards Update No. 2018-1208/15/2018
Policy Account BalanceAddedAccounting Standards Update No. 2018-1208/15/2018
Surrender ChargeAddedAccounting Standards Update No. 2018-1208/15/2018
944-80-25-3AmendedAccounting Standards Update No. 2018-1208/15/2018
944-80-25-3AmendedAccounting Standards Update No. 2010-1504/21/2010
944-80-25-9AmendedAccounting Standards Update No. 2016-1306/16/2016
944-80-25-9 through 25-11
AmendedAccounting Standards Update No. 2016-0101/05/2016
944-80-25-12AddedAccounting Standards Update No. 2010-1504/21/2010
944-80-35-1AmendedAccounting Standards Update No. 2016-1912/14/2016
944-80-35-1AmendedAccounting Standards Update No. 2012-0410/01/2012
944-80-35-2AmendedAccounting Standards Update No. 2012-0410/01/2012
944-80-35-4SupersededAccounting Standards Update No. 2014-0905/28/2014
944-80-35-10AmendedAccounting Standards Update No. 2012-0410/01/2012
944-80-50-1AmendedAccounting Standards Update No. 2025-1112/08/2025
944-80-50-1AmendedAccounting Standards Update No. 2018-1208/15/2018
944-80-50-2AddedAccounting Standards Update No. 2018-1208/15/2018
944-80-55-7SupersededAccounting Standards Update No. 2010-1504/21/2010
944-80-55-8AmendedAccounting Standards Update No. 2016-0101/05/2016
944-80-55-9AmendedAccounting Standards Update No. 2016-0101/05/2016
944-80-55-11AmendedAccounting Standards Update No. 2016-1306/16/2016
944-80-55-11AmendedAccounting Standards Update No. 2016-0101/05/2016
944-80-55-16AmendedAccounting Standards Update No. 2016-1306/16/2016
944-80-55-16AmendedAccounting Standards Update No. 2016-0101/05/2016
944-80-55-17 through 55-21
AddedAccounting Standards Update No. 2018-1208/15/2018
944-80-65-1AddedAccounting Standards Update No. 2010-1504/21/2010
Source downloaded (UTC): 2026-09-10T02:18:10.428Z to 2026-09-10T02:18:10.428Z Record version: sha256:9801d61f138a9177ac002c0b093c73a02e54536a0c18dc0d5ceecbcd96cf1ae9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 944-80-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/944/80/#05-overview-and-background) SEC content: no ##### [944-80-05-1](https://asc.understandingaccounting.org/asc/944/80/#944-80-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:10.428Z to 2026-09-10T02:18:10.428Z Record version: sha256:2b02a9c927e9345290ee34caa9f7526f82a88c7480d5d8e48fb88212cdc77c1c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic provides insurance entities guidance on accounting for and financial reporting of [separate accounts](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."), including an insurance entity's accounting for separate account assets and liabilities related to contracts for which all or a portion of the investment risk is borne by the insurer. ##### [944-80-05-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-05-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:10.428Z to 2026-09-10T02:18:10.428Z Record version: sha256:7ab37487b133445fad11e56e4f84c2da8c7241e85949126b228ad4d25e83ec43 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Separate accounts represent assets and liabilities that are maintained by an insurance entity for purposes of funding fixed-benefit or variable annuity contracts, pension plans, and similar activities. The contract holder generally assumes the investment risk, and the insurance entity receives a fee for investment management, certain administrative expenses, and [mortality](https://asc.understandingaccounting.org/glossary/m/#mortality "The relative incidence of death in a given time or place.") and expense risks assumed. ##### [944-80-05-3](https://asc.understandingaccounting.org/asc/944/80/#944-80-05-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:10.428Z to 2026-09-10T02:18:10.428Z Record version: sha256:ed416373a75868978d759270df373d22b1ade361a2f0ffa853566928a2552031 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Often for administrative purposes, separate account subaccounts with differing investment objectives are created within a single separate account. Examples include both of the following: 1. a A variable life insurance contract offered through an insurance entity's high return separate account 2. b A contract holder's allocation of a portion of the contract holder's deposit in a deferred variable annuity to a growth equity fund. Source downloaded (UTC): 2026-09-10T02:18:14.210Z to 2026-09-10T02:18:14.210Z Record version: sha256:f31fafcd02f2fa6c9758aca80d5d780f0635c9d5f405a090b4134bdf6987bdb2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 944-80-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/944/80/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [944-80-15-1](https://asc.understandingaccounting.org/asc/944/80/#944-80-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:14.210Z to 2026-09-10T02:18:14.210Z Record version: sha256:4ba9251d809902a9439a653c60be7086e21fb080f563e9ea149358b4332ab8e2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 944-10-15. Source downloaded (UTC): 2026-09-10T02:18:19.980Z to 2026-09-10T02:18:19.980Z Record version: sha256:1e22b30b42dabae14533ba6a75c2dae9d6eb9858fd87f4e67ac73b8cfc517a82 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 944-80-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/944/80/#25-recognition) SEC content: no #### Overall ##### [944-80-25-1](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:19.980Z to 2026-09-10T02:18:19.980Z Record version: sha256:0926001e11e737ec2f363bf5b6c119d1e888fa09fada42b854e966d865f623b7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [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 shall be included in the financial statements of the insurance entity that owns the assets and is contractually obligated to pay the liabilities. ##### [944-80-25-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:19.980Z to 2026-09-10T02:18:19.980Z Record version: sha256:caa0ac2f5765cb48806ef70c372948c625c07859f46436ea029aea003f4a2a43 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The guidance in the following paragraph applies if the [separate account arrangement](https://asc.understandingaccounting.org/glossary/s/#separate-account-arrangement "An arrangement under which all or a portion of a contract holder's funds is allocated to a specific separate account maintained by the insurance entity.") meets all of the following conditions: 1. a The separate account is recognized legally; that is, the separate account is established, approved, and regulated under special rules such as state insurance laws, federal securities laws, or similar foreign laws. 2. b The separate account assets supporting the contract liabilities are insulated legally from the [general account](https://asc.understandingaccounting.org/glossary/g/#general-account "All operations of an insurance entity that are not reported in the separate account(s).") liabilities of the insurance entity; that is, the contract holder is not subject to insurer default risk to the extent of the assets held in the separate account. 3. c The insurer must, as a result of contractual, statutory, or regulatory requirements, invest the contract holder's funds within the separate account as directed by the contract holder in designated investment alternatives or in accordance with specific investment objectives or policies. 4. d All investment performance, net of contract fees and assessments, must as a result of contractual, statutory, or regulatory requirements be passed through to the individual contract holder. Contracts may specify conditions under which there may be a minimum guarantee, but not a ceiling, as a ceiling would prohibit all investment performance from being passed through to the contract holder. ##### [944-80-25-3](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:19.980Z to 2026-09-10T02:18:19.980Z Record version: sha256:6845d1aa37d4f1de7b093b26af21eaafc9ccb62ef1570c1c868c92e37bc3b9f0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. All of the following guidance applies if a separate account arrangement meets all of the conditions paragraph [944-80-25-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2): 1. a The portion of separate account assets representing contract holder funds shall be reported in the insurance entity's financial statements as a summary total, with an equivalent summary total reported for related liabilities. 2. b Any liabilities related to 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.")) and insurance benefit liabilities under the contracts in excess of the [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 separate account assets representing contract holder funds shall be recognized as general account liabilities. 3. c Contract fees and assessments shall be reported in accordance with paragraph [944-605-25-5](https://asc.understandingaccounting.org/asc/605/944/#605-944-25-5). 4. d For the purpose of evaluating the retention of specialized accounting for investments in consolidation as described in paragraph [810-10-25-15](https://asc.understandingaccounting.org/asc/810/10/#810-10-25-15), a separate account arrangement shall be considered a subsidiary. An insurer is not required to consolidate an investment in which a separate account holds a controlling financial interest if the investment is not or would not be consolidated in the standalone financial statements of the separate account. 5. e Except as described in paragraph (f), the insurer shall not do either of the following when assessing whether the insurer is required to consolidate an investment held by a separate account: 1. 1 Consider any separate account interests held for the benefit of policy holders to be the insurer's interests 2. 2 Combine any separate account interests held for the benefit of policy holders with the insurer's general account interest in the same investment. 6. f Separate account interests held for the benefit of a related party policy holder shall be combined with the insurer's general account interest when the Variable Interest Entities Subsections of Subtopic 810-10 require the consideration of related parties. For this purpose, a related party includes any party identified in paragraph [810-10-25-43](https://asc.understandingaccounting.org/asc/810/10/#810-10-25-43) other than: 1. 1 An employee of the decision maker or service provider (and its other related parties), except if the employee is used in an effort to circumvent the provisions of Subtopic 810-10 2. 2 An employee benefit plan of the decision maker or service provider (and its other related parties), except if the employee benefit plan is used in an effort to circumvent the provisions of Subtopic 810-10. ##### [944-80-25-4](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-4) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:19.980Z to 2026-09-10T02:18:19.980Z Record version: sha256:5f4b18b1d23e2e769732779575b7fabbb06dd15fe5967eb93301166fee1bd496 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. All of the following guidance applies if a separate account arrangement does not meet all of the criteria in paragraph [944-80-25-2 through 25-3](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2) : 1. a Assets representing contract holder funds under the arrangement shall be measured and presented the same as other general account assets as prescribed in this Topic. 2. b Any related liability shall be accounted for as a general account liability. 3. c Revenue and expenses related to such arrangements shall be recognized within the respective revenue and expense lines in the statement of operations. ##### [944-80-25-5](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-5) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:19.980Z to 2026-09-10T02:18:19.980Z Record version: sha256:0237f9dc49e336e7dc876270cb3ead825a84884fe9a553accef063333ec1fbec Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Arrangements in which contract holders' funds are maintained in separate accounts to fund fixed account options of variable contracts, market value adjusted contracts, guaranteed [investment contracts](https://asc.understandingaccounting.org/glossary/i/#investment-contracts "Long-duration contracts that do not subject the insurance entity to risks arising from policyholder mortality or morbidity."), and indexed contracts are examples of separate account arrangements that would not meet the criteria in paragraphs [944-80-25-2 through 25-3](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2) because all of the investment performance on these investments is not passed through to the contract holder. #### Proportionate Interest in a Separate Account ##### [944-80-25-6](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-6) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:19.980Z to 2026-09-10T02:18:19.980Z Record version: sha256:d19f9d6fc84a05cdfde3848e203dc0cf03e00cbb6d86e1246bf1387945ad2f7e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Assets underlying an insurance entity's proportionate interest in a separate account ([seed money](https://asc.understandingaccounting.org/glossary/s/#seed-money "An investment of non-contract-holder funds by an insurer in a separate account when it is established, to support the initial or ongoing operations of the separate account.") or other investment) do not represent contract holder funds, and thus do not qualify for separate account accounting and reporting. ##### [944-80-25-7](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-7) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:19.980Z to 2026-09-10T02:18:19.980Z Record version: sha256:5ed1adad455abc358ea715b9331075f09f909d403ac97eef097191c4a927b1f7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The insurance entity shall look through the separate account for purposes of accounting for its interest therein, and account for and classify the assets of the separate account underlying that interest based on their nature as if the assets of the separate account underlying the insurance entity's proportionate interest were held directly by the general account rather than through the separate account structure. Example 2 (see paragraph [944-80-55-4](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-4)) illustrates the application of this guidance. ##### [944-80-25-8](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-8) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:19.980Z to 2026-09-10T02:18:19.980Z Record version: sha256:741cb430e41d65d512907ebe1b5711a6f4af6777c8e087d54c2026044d4e756b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The guidance in the following paragraph applies if a separate account arrangement meets the criteria in paragraphs [944-80-25-2 through 25-3](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2) and either of the following conditions exists: 1. a The terms of the contract allow the contract holder to invest in additional units in the separate account. 2. b The insurance entity is marketing contracts that permit funds to be invested in the separate account. ##### [944-80-25-9](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-9) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:19.980Z to 2026-09-10T02:18:19.980Z Record version: sha256:decbd643a13264d35c2550e17a83ea05034bc11b1b24685512bb99b12bcb1cf6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the conditions in the preceding paragraph are met, the assets of the separate account underlying the insurance entity's proportionate interest in the separate account shall be accounted for in a manner consistent with the accounting for similar assets held by the general account that the insurance entity may be required to sell. For example: 1. a For a debt security, the guidance in Topic 326 shall be followed for the measurement of credit losses. 2. b The guidance in Subtopic 360-10 shall be followed for both real estate that is held for sale and real estate that is not held for sale. For real estate that does not meet that Subtopic's held-for-sale criteria, the impairment test shall be performed solely using undiscounted cash flows assuming immediate disposition. ##### [944-80-25-10](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-10) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:19.980Z to 2026-09-10T02:18:19.980Z Record version: sha256:c80fdae5eb575e7feaa005103a0b4f5c92cfec6cee21624d0f9c020bf4efd2b4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The guidance in paragraphs [944-80-25-6 through 25-9](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-6) shall be applied also if either of the following conditions exists: 1. a An insurance entity's interest in the separate account represents 20 percent or greater of the separate account interest. 2. b The underlying investments are other than those that meet the definition of any of the following: 1. 1 Securities under Subtopic 320-10 or 321-10 2. 2 [Subparagraph superseded by Accounting Standards Update No. 2016-01](https://asc.understandingaccounting.org/updates/asu-2016-01/). 3. 3 Cash and cash equivalents. ##### [944-80-25-11](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-11) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:19.980Z to 2026-09-10T02:18:19.980Z Record version: sha256:bea4ce1c8b0f97200c390ca1d1128848be87711300471525a59993f155a40220 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An insurance entity may report its portion of the separate account value as an investment in equity securities under Subtopic 321-10 if both of the following conditions are met: 1. a The insurance entity's proportionate interest in the separate account is less than 20 percent of the separate account. 2. b All of the underlying investments of the separate account meet the definition of any of the following: 1. 1 Securities under Subtopic 320-10 or 321-10 2. 2 [Subparagraph superseded by Accounting Standards Update No. 2016-01](https://asc.understandingaccounting.org/updates/asu-2016-01/) 3. 3 Cash and cash equivalents. #### Consolidation of an Investment Fund When Separate Accounts Are Involved ##### [944-80-25-12](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-12) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:19.980Z to 2026-09-10T02:18:19.980Z Record version: sha256:530fdec59d4c70489078cfda75eed7415aba9999ed2340b33fde781918b6fc2e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If an insurer concludes that an investment fund should be consolidated and a portion of the fund is owned by the insurer's separate accounts, the insurer should consolidate the investment fund in the following manner: 1. a The portion of the fund assets representing the contract holder's interests shall be included as separate account assets and liabilities in accordance with paragraph [944-80-25-3](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-3). 2. b The remaining portion of the fund assets (including the portion owned by any other investors) shall be included in the general account of the insurer on a line-by-line basis. For example, if the consolidated fund held debt and equity securities, those amounts would be included in the debt and securities lines. 3. c Noncontrolling interests should not be included in the separate account liability but rather classified as a liability or equity based on other applicable guidance. Source downloaded (UTC): 2026-09-10T02:18:22.518Z to 2026-09-10T02:18:22.518Z Record version: sha256:5e814ab609bdf147802f54586789f0da3c9fd63d0571044f0c63559ab609471f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 944-80-30: 30 Initial Measurement [Read section](https://asc.understandingaccounting.org/asc/944/80/#30-initial-measurement) SEC content: no ##### [944-80-30-1](https://asc.understandingaccounting.org/asc/944/80/#944-80-30-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:22.518Z to 2026-09-10T02:18:22.518Z Record version: sha256:d5db160ef666e54b8508d3c5f1c8f663451f05639e743d4f996508968f6a8a68 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The portion of [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 representing contract holder funds recognized under paragraph [944-80-25-3](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-3) shall be measured initially at [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."). Source downloaded (UTC): 2026-09-10T02:18:25.338Z to 2026-09-10T02:18:25.338Z Record version: sha256:10019b5d8023c100126c011228c2dfa64857f14f242d509c9375ad04a8b389ea Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 944-80-35: 35 Subsequent Measurement [Read section](https://asc.understandingaccounting.org/asc/944/80/#35-subsequent-measurement) SEC content: no #### Overall ##### [944-80-35-1](https://asc.understandingaccounting.org/asc/944/80/#944-80-35-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:25.338Z to 2026-09-10T02:18:25.338Z Record version: sha256:65bd33486e1321dcdccfbb6c4855cd5a8ebffb39a4360eab15b378d51f965e85 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Investments in separate accounts shall be reported at [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.") except for [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.") contracts with guaranteed investment returns. For those separate accounts, the related assets shall be reported in accordance with paragraph [944-80-25-4](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-4). ##### [944-80-35-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-35-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:25.338Z to 2026-09-10T02:18:25.338Z Record version: sha256:e9e7437ca58095acdd2b10a463af6546aa59f853a493122da41814b4a63f3811 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The portion of separate account assets representing contract holder funds recognized under paragraph [944-80-25-3](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-3) shall be measured subsequently at fair value. #### Transfers to Separate Accounts ##### [944-80-35-3](https://asc.understandingaccounting.org/asc/944/80/#944-80-35-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:25.338Z to 2026-09-10T02:18:25.338Z Record version: sha256:21d74d88cfabed3985f0b31cb1cfaae84cc67569b62bb1f3977510f6edfad5ec Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Paragraph [944-80-40-1](https://asc.understandingaccounting.org/asc/944/80/#944-80-40-1) states that assets transferred from the [general account](https://asc.understandingaccounting.org/glossary/g/#general-account "All operations of an insurance entity that are not reported in the separate account(s).") to a separate account shall be recognized at fair value to the extent of the third-party contract holders' proportionate interests in the separate account if the [separate account arrangement](https://asc.understandingaccounting.org/glossary/s/#separate-account-arrangement "An arrangement under which all or a portion of a contract holder's funds is allocated to a specific separate account maintained by the insurance entity.") meets the criteria in paragraph [944-80-25-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2). That paragraph states that any resulting gain related to the third-party contract holders' proportionate interest shall be recognized immediately in earnings of the general account of the insurance entity provided that the risks and rewards of ownership have been transferred to contract holders using the fair value of the asset at the date of the contract holders' assumption of risks and rewards. ##### [944-80-35-4](https://asc.understandingaccounting.org/asc/944/80/#944-80-35-4) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:25.338Z to 2026-09-10T02:18:25.338Z Record version: sha256:fdb69ac751e4094e6a6609824c348601766bdfe904d1c65f08ea2ccf42e6f0ef Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). ##### [944-80-35-5](https://asc.understandingaccounting.org/asc/944/80/#944-80-35-5) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:25.338Z to 2026-09-10T02:18:25.338Z Record version: sha256:9ffadce1b541e6540282129f4d3af8b09ff011454368ce480f05ea4301f6fbed Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. A guarantee of the asset's value or minimum rate of return or a commitment to repurchase the asset would not transfer the risks of ownership, and no gain shall be recognized. ##### [944-80-35-6](https://asc.understandingaccounting.org/asc/944/80/#944-80-35-6) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:25.338Z to 2026-09-10T02:18:25.338Z Record version: sha256:cf7a8fa2121e85dfd24da3c676e2fbd1c4a36ee76a010a882ed10119b591b9b2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the separate account arrangement does not meet the criteria in paragraph [944-80-25-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2), the transfer shall have no financial reporting effect; that is, general account classification and carrying amounts shall be retained. ##### [944-80-35-7](https://asc.understandingaccounting.org/asc/944/80/#944-80-35-7) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:25.338Z to 2026-09-10T02:18:25.338Z Record version: sha256:b17315f987f61616387916137d610d385ffff8f7dd06381b057df4a8ef8fec46 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The insurance entity shall recognize an impairment loss on an asset transferred from the general account to a separate account not meeting the criteria in paragraph [944-80-25-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2) if the terms of the arrangement with the contract holder are such that the insurance entity will not be able to recover the asset's carrying value. ##### [944-80-35-8](https://asc.understandingaccounting.org/asc/944/80/#944-80-35-8) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:25.338Z to 2026-09-10T02:18:25.338Z Record version: sha256:f133f65fcbc22cd46bcf10a8abb1fb7e7727be0d5e2912df8e8ff88d585d90aa Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The insurance entity shall recognize an impairment loss on its proportionate interest in a separate account arrangement meeting the criteria in paragraph [944-80-25-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2) in a situation where the current fair value of the insurance entity's proportionate interest in the separate account assets is less than its [carrying amount](https://asc.understandingaccounting.org/glossary/c/#carrying-amount "The amount of an item as displayed in the financial statements."). ##### [944-80-35-9](https://asc.understandingaccounting.org/asc/944/80/#944-80-35-9) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:25.338Z to 2026-09-10T02:18:25.338Z Record version: sha256:ac05275965d69a3ab0275d0fdc7c318e38d96468ebd7ddcdb2347603df3caaf9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If third-party contract holders' proportionate interests in the separate account are subsequently increased, or the insurance entity otherwise reduces its proportionate interest in the separate account arrangement that meets the criteria in paragraph [944-80-25-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2), the reduction in the insurance entity's proportionate interest may result in additional gain. ##### [944-80-35-10](https://asc.understandingaccounting.org/asc/944/80/#944-80-35-10) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:25.338Z to 2026-09-10T02:18:25.338Z Record version: sha256:37b771d72465dffaade94f37a6049315172cdf9c22886ec62f968ce71604e7a1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If an insurance entity's proportionate interest subsequently increases as a result of transactions executed at fair value, the increase is considered a purchase from the contract holder and shall be recognized at fair value. Source downloaded (UTC): 2026-09-10T02:18:27.891Z to 2026-09-10T02:18:27.891Z Record version: sha256:4210e6f794219439970da8bf6dea945eed03556119610b12ea09142cbe9b07fb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 944-80-40: 40 Derecognition [Read section](https://asc.understandingaccounting.org/asc/944/80/#40-derecognition) SEC content: no #### Transfers to Separate Accounts ##### [944-80-40-1](https://asc.understandingaccounting.org/asc/944/80/#944-80-40-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:27.891Z to 2026-09-10T02:18:27.891Z Record version: sha256:8a73110dfa71a7f902b1c406f618f766e5505902473e4cbe9804acde8e9a6faa Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Assets transferred from the [general account](https://asc.understandingaccounting.org/glossary/g/#general-account "All operations of an insurance entity that are not reported in the separate account(s).") to a [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.") shall be recognized at [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.") to the extent of the third-party contract holders' proportionate interests in the separate account if the [separate account arrangement](https://asc.understandingaccounting.org/glossary/s/#separate-account-arrangement "An arrangement under which all or a portion of a contract holder's funds is allocated to a specific separate account maintained by the insurance entity.") meets the criteria in paragraph [944-80-25-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2). Any resulting gain related to the third-party contract holders' proportionate interest shall be recognized immediately in earnings of the general account of the insurance entity provided that the risks and rewards of ownership have been transferred to contract holders using the fair value of the asset at the date of the contract holders' assumption of risks and rewards. ##### [944-80-40-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-40-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:27.891Z to 2026-09-10T02:18:27.891Z Record version: sha256:565c3decd15665a379a7b8f3b5284551070482e1f37f04a9cd31f857f73a4cc9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the transferred asset is subsequently sold by the separate account, any remaining unrecognized gain related to the insurance entity's proportionate interest shall be recognized immediately in the earnings of the general account of the insurance entity. ##### [944-80-40-3](https://asc.understandingaccounting.org/asc/944/80/#944-80-40-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:27.891Z to 2026-09-10T02:18:27.891Z Record version: sha256:9859a8e69e01cea96aa205a9ba908f6b92b717b3f9fa527206ea74895e0c07fa Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If third-party contract holders' proportionate interests in the separate account are subsequently increased, or the insurance entity otherwise reduces its proportionate interest in the separate account arrangement that meets the criteria in paragraph [944-80-25-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2), the reduction in the insurance entity's proportionate interest may result in additional gain. Source downloaded (UTC): 2026-09-10T02:18:30.731Z to 2026-09-10T02:18:30.731Z Record version: sha256:f3229634d714dda67d2f57d9c3bb3b7129d4b8f754af59b320110079fdf0311b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 944-80-45: 45 Other Presentation Matters [Read section](https://asc.understandingaccounting.org/asc/944/80/#45-other-presentation-matters) SEC content: no #### Overall ##### [944-80-45-1](https://asc.understandingaccounting.org/asc/944/80/#944-80-45-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:30.731Z to 2026-09-10T02:18:30.731Z Record version: sha256:5001c110cfcc58207b22e604cd5dd5ca2531052dc06121b371e2000400afa339 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [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 shall be included in the financial statements of the insurance entity that owns the assets and is contractually obligated to pay the liabilities as summary totals in the financial statements of the insurance entity. ##### [944-80-45-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-45-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:30.731Z to 2026-09-10T02:18:30.731Z Record version: sha256:14e71edcc39b435646af7f9bc2265ac56822291c36540432a1bd9acd337b5841 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The portion of separate account assets representing contract holder funds shall be reported in the insurance entity's financial statements as a summary total, with an equivalent summary total reported for related liabilities, if the [separate account arrangement](https://asc.understandingaccounting.org/glossary/s/#separate-account-arrangement "An arrangement under which all or a portion of a contract holder's funds is allocated to a specific separate account maintained by the insurance entity.") meets all of the criteria in paragraph [944-80-25-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2). ##### [944-80-45-3](https://asc.understandingaccounting.org/asc/944/80/#944-80-45-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:30.731Z to 2026-09-10T02:18:30.731Z Record version: sha256:367d76d95e633c80ecafff7b3f97b927dc65f8db51ff5f565d57a2593a92becb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For the portion of separate account arrangements meeting those criteria, the related investment performance (including interest, dividends, realized gains and losses, and changes in unrealized gains and losses) and the corresponding amounts credited to the contract holder shall be offset within the same statement of operations line item netting to zero. Source downloaded (UTC): 2026-09-10T02:18:33.389Z to 2026-09-10T02:18:33.389Z Record version: sha256:68e1c3dec5e6fa8406697b1c2aab5de4f34b2602912c629bea6277a3af3a8824 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## 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 Source downloaded (UTC): 2026-09-10T02:18:33.389Z to 2026-09-10T02:18:33.389Z Record version: sha256:de21b1d2e6fb1c7b2ba05f72fd9a885ec61b7ccda3582b7ddc8b3601f3224a67 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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 Source downloaded (UTC): 2026-09-10T02:18:33.389Z to 2026-09-10T02:18:33.389Z Record version: sha256:1091e5d7bd4a08f205ea78909c8d38779d7b2bbd3bc9aba7d82706a0e623f06f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:825e48a1cf1b69521d0f7ff543d5b66702b833c944022bc7db2533da47760ec0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 944-80-55: 55 Implementation Guidance and Illustrations [Read section](https://asc.understandingaccounting.org/asc/944/80/#55-implementation-guidance-and-illustrations) SEC content: no #### Illustrations ##### [944-80-55-1](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:5475d5804c7a7227174fa5af3a6959f1187fbbe5dd89de1fd06e949c1d8cfa62 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Example illustrates the application of the guidance in Sections 944-80-35 and 944-80-40 on accounting for transfers from a [general account](https://asc.understandingaccounting.org/glossary/g/#general-account "All operations of an insurance entity that are not reported in the separate account(s).") to a [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.").The general account transfers to the [separate account arrangement](https://asc.understandingaccounting.org/glossary/s/#separate-account-arrangement "An arrangement under which all or a portion of a contract holder's funds is allocated to a specific separate account maintained by the insurance entity."), as [seed money](https://asc.understandingaccounting.org/glossary/s/#seed-money "An investment of non-contract-holder funds by an insurer in a separate account when it is established, to support the initial or ongoing operations of the separate account."), a debt security with a book value of $60 and a [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 $100. No gain is recognized on the initial transfer to the separate account arrangement. ##### [944-80-55-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:f1c1676043230f803270f3d1f1dfc951c1385e2dce542187aa5e289724ee29bb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Contract holders subsequently direct $100 to the separate account arrangement, reducing the general account's proportionate interest to 50 percent. Assuming the fair value of the debt security is still $100, the general account recognizes a gain of $20, as a result of the contract holder investment into the separate account arrangement. ##### [944-80-55-3](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:407ebf907ef1c2dbda5861672db445845413649e857d0c4df5a26244610780a1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. In subsequent years, if the insurance entity reduces its interest in the separate account arrangement through withdrawal of cash or additional investment by contract holders, additional gains would be recognized if the fair value of the security continues to exceed the general account's basis in the security. ##### [944-80-55-4](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-4) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:dfd4df808039e4b658fd035aba06d6d417b048f38dfb0b06864594921dadf799 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Example illustrates the guidance in this Subtopic on the presentation in the financial statements of an insurance entity's proportionate interest in separate accounts. ##### [944-80-55-5](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-5) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:ca0d12cd3fe5c761cc0cd30ca22d6f89d29588d0ad22f1ee28cd7d19ba048fd0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An insurance entity has a separate account that consists of two subaccounts, Subaccount ABC and Subaccount XYZ. The insurance entity has a 10 percent interest in Subaccount XYZ, determined based on the fair value of Subaccount XYZ's investments. ##### [944-80-55-6](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-6) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:e42b55fe554a800e17fb91a3e790eec02fb25c0dc9a8ef75c0b0086cedeb3516 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Subaccount XYZ has debt securities, mutual fund investments, mortgage loans, and real estate. Subaccount XYZ carries its investments at fair value; if the general account held these investments, they would be accounted for at amortized cost or fair value, depending on the applicable generally accepted accounting principles (GAAP). ##### [944-80-55-7](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-7) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:69d08b3d36a9c4dd1502fa267e5e77e2fa82fdb722b9d138ad55a6aeacafa33d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2010-15](https://asc.understandingaccounting.org/updates/asu-2010-15/). ##### [944-80-55-8](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-8) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:0b14296ebdd8392fb60f3bb65c14e36d16429fd846f7dfec63794b0214f856b9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The assets of Subaccount XYZ follow. - ![](https://asc.understandingaccounting.org/asc-img/GUID-6CA8E9CB-5C6B-4572-AB91-AFCC3B017A05-low.gif) Investment Separate Account at Fair Value Separate Account at General Account Value(a) Insurer's Interest Proportionate Interest Debt securities $400 $400 10% $40 Equity securities 300 300 10% 30 Mortgage loans 250 200 10% 20 Real estate 130 100 10% 10 Total assets " $1,080 " " $1,000 " 10% $100 (a) Underlying investments valued in a manner similar to any other general account asset as prescribed in Subtopics 944-310 and 944-360. ##### [944-80-55-9](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-9) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:c339a80abb47c8c86e43b47336ec9ef016c38944ac3eedde1181762a7565c270 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Balances presented in the insurer's statement of financial condition follow. - ![](https://asc.understandingaccounting.org/asc-img/GUID-79D0E75B-8BA9-421D-A753-31E8F166FD62-low.gif) Assets: Debt securities(a) 40 "Equity securities(a), (b)" 30 Mortgage loans 20 Real estate 10 Total investments 100 Separate account—Assets $972 (c) Liabilities: Separate account—Liabilities $972 (a) Debt securities need to be designated as either trading or available-for-sale. (b) "If Subaccount XYZ separate account held an investment in a mutual fund, a typical situation would be that the insurance entity's investment would represent less than a 20 percent ownership and the interest would be reported as an equity security under Topic 321." (c) "Separate account assets at fair value of $1,080 x 90% (contract holders' proportionate interest)." ##### [944-80-55-10](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-10) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:37e9e52b8bd45030a143ab0258130facf2a06d24b5a8c1ac68fc464e849fac06 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The applicable disclosures for the insurer's proportionate interest in these specific assets would be included within the applicable disclosures for the general account invested assets. ##### [944-80-55-11](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-11) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:53850bcd138a9f8cbac9a2e7462b341bf2b5b6903e797852351a876df3e52b58 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The XYZ separate account's balances for net investment income and gains and losses follow. - ![](https://asc.understandingaccounting.org/asc-img/GUID-290097FD-B20F-4F7F-B2BA-A127B17BA06D-low.gif) XYZ Separate Account Total Insurer's Interest Apportioned Values General Account Classification Net investment income $65 10% 6.5 Revenue Realized gains and losses 20 10% 2.0 Revenue Unrealized gains and losses: Debt securities 8 10% 0.8 Revenue or other comprehensive income (a) Equity securities 25 10% 2.5 Revenue Mortgage loans 5 10% 0.5 Not recognized (b) Real estate 2 10% 0.2 Not recognized (b) Total net investment income and gains and losses $125 12.5 (a) "Unrealized gains shall be included in revenue or other comprehensive income depending on security classification as trading or available for sale. Credit losses, as noted in paragraph 944-80-25-9(a), shall be measured in accordance with Topic 326. " (b) Unrealized gains are not recognized. ##### [944-80-55-12](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-12) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:fc5f815978f637a10c01cfd074d4b1a1f87cf8a3618db4b5ea6050b84a4b331d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Assume the following in the second year: 1. a Insurer interest is lowered to 5 percent on the last day of the first quarter. 2. b At the time of dilution: 1. 1 Separate account at fair value was $ 1,090. 2. 2 Separate account at general account value was $ 1,007. 3. c Fair value of each investment increases 1 percent. ##### [944-80-55-13](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-13) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:6f4f2851769351deba93396dee2de24d2763b4414de0e29d6e7539808c609bb2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Assets of Subaccount XYZ at the end of first quarter follow. - ![](https://asc.understandingaccounting.org/asc-img/GUID-ADFC21B6-737F-463B-8416-AC5808CA7A51-low.gif) Investment Separate Account at Fair Value Separate Account at General Account Value Insurer's Interest Proportionate Interest After Dilution Debt securities $404 $404 5% 20 Equity securities 303 303 5% 15 Mortgage loans 252 200 5% 10 Real estate 131 100 5% 5 Total assets " $1,090 " " $1,007 " 50 ##### [944-80-55-14](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-14) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:250adaa29835d44ac987751c21f611f6cad601db33e3e6c3b9bb32b4cce8dd10 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Balances presented in the insurer's statement of financial condition follow. - ![](https://asc.understandingaccounting.org/asc-img/GUID-64F70507-AFDC-4E63-B6B8-068131B756DD-low.gif) Assets: Debt securities 20 Equity securities 15 Mortgage loans 10 Real estate 5 Total investments 50 Separate account—Assets " $1,036 " (a) (a) "$1,090 x 95%" ##### [944-80-55-15](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-15) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:02ad04033278b2df842410d2df8d426f6438d620810d0350a4b043af414262e6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Subaccount XYZ separate account's balances for net investment income and gains and losses for the quarter follow. - ![](https://asc.understandingaccounting.org/asc-img/GUID-C88B23A3-27BC-49AB-AAF1-06148F760ECE-low.gif) XYZ Separate Account Total Insurer's Interest Apportioned Values Net investment income $16.3 10% 1.6 Unrealized gains and losses: Debt securities 4.0 10% 0.4 Equity securities 3.0 10% 0.3 Mortgage loans 2.5 10% 0.3 Real estate 1.2 10% 0.1 Total net investment income and gains and losses $27 2.7 ##### [944-80-55-16](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-16) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:1aa31705b3e4044c3672c8ddd5929dccb450042b164a27fd4056284376bd8ac0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The accounting for the seed money change for the quarter follows. - ![](https://asc.understandingaccounting.org/asc-img/GUID-D4B9FA3A-B01B-4A87-829E-13B6B82D985A-low.gif) Amount due to proportionate interest in revenue 2.3 Gain recognition on dilution of interest 4.2 (a) (a) "Fair value of separate account less general account value of separate account multiplied by dilution, ($1,090 - $1,007) × 5%. This is the gain on mortgage loans and real estate, assuming debt securities have been classified as trading. If debt securities had been classified as available for sale, the gain or loss on dilution would also be calculated using the amortized cost basis of debt securities." ##### [944-80-55-17](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-17) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:78b5685a427968dc46438f12a9b15e1eac828240a7a48ad2a3e09dc98ecb15a6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The aggregate fair value of assets, by major investment asset category, supporting separate accounts follows. - ![](https://asc.understandingaccounting.org/asc-img/GUID-257366DA-B887-4E0E-A486-F81B744EEB9B-low.gif) Asset Type "December 31, 20X1" "December 31, 20X2" U.S. Treasury securities and obligations of U.S. government corporations and agencies $ $ Obligations of states of the United States and political subdivisions of the states Corporate debt securities: —Investment grade —Noninvestment grade Foreign debt securities Mortgage-backed securities Equity securities (including mutual funds) (a) Real estate Mortgage loans Derivative financial instruments Cash and cash equivalents Total "$ X,XXX,XXX" "$ X,XXX,XXX" (a) The insurance entity may want to consider disclosing mutual funds by investment objective or other meaningful groupings that are useful in understanding the nature of the guarantee risk. ##### [944-80-55-18](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-18) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:9a1731effdec367bffc717a88a298ade2644f93cbdec59b419c6e27d3f94cbde Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Example illustrates the separate account liability information that an insurance entity should disclose to meet the requirements in paragraph [944-80-50-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-50-2). - Note X: Separate Account Liability - The balances of and changes in separate account liabilities follow. - - ![](https://asc.understandingaccounting.org/asc-img/GUID-078325A9-AA15-4678-A82C-A16D9F046809-low.gif) "December 31," 20X2 20X1 Variable Universal Life Variable Annuities Variable Universal Life Variable Annuities "Balance, beginning of year" $BBB $AAA $XXX $XXX Premiums and deposits XXX XXX XXX XXX Policy charges (XXX) (XXX) (XXX) (XXX) Surrenders and withdrawals (XXX) (XXX) (XXX) (XXX) Benefit payments (XXX) (XXX) (XXX) (XXX) Investment performance XXX XXX XXX XXX Net transfers from (to) general account XXX XXX XXX XXX Other charges (XXX) (XXX) (XXX) (XXX) "Balance, end of year" $DDD $CCC $BBB $AAA Cash surrender value (a) $XXX $XXX $XXX $XXX (a) Cash surrender value represents the amount of the contract holder's account balances distributable at the balance sheet date less certain surrender charges. - The reconciliation of separate account liabilities to the separate account liability balance in the consolidated statement of financial position follows. - - ![](https://asc.understandingaccounting.org/asc-img/GUID-FCC87EF9-63F4-489C-90E8-3B8B6B0680AA-low.gif) "December 31, " 20X2 20X1 Variable universal life $DDD $BBB Variable annuity CCC AAA Other XXX XXX Total $XXX $XXX ##### [944-80-55-19](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-19) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:0cc4031f01ef2cba236a824b7b2f082740b9043f4c4bae89a849ac0a1b37c46f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Example illustrates a deferred variable annuity that provides the contract holder with a number of investment alternatives. The contract holder deposits $100,000 in a deferred variable annuity that has no front-end load. The contract holder directs the allocation of the deposit to the following: aggressive growth equity fund, $25,000; high-yield corporate bond fund, $25,000; 5-year guaranteed interest separate account, $25,000; and general account, $25,000. ##### [944-80-55-20](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-20) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:028ec926f7f76e879c3bb1b4de40cfa6edb84daf8e214e724ede77d7449c7129 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Assets representing the contract holder's funds in the aggressive growth equity fund and high-yield corporate bond fund separate accounts satisfy all the criteria of paragraphs [944-80-25-2 through 25-3](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2) , [944-80-30-1](https://asc.understandingaccounting.org/asc/944/80/#944-80-30-1), [944-80-35-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-35-2), and [944-80-45-2 through 45-3](https://asc.understandingaccounting.org/asc/944/80/#944-80-45-2) . The allocation to the guaranteed interest separate account does not satisfy the criterion in paragraph [944-80-25-2](https://asc.understandingaccounting.org/asc/944/80/#944-80-25-2) for separate account treatment. Therefore, assets representing the contract holder's funds in the guaranteed interest separate account will be presented in the insurance entity's financial statements integrated with general account assets and liabilities. This reporting is appropriate even in those instances where the separate account arrangements with those contracts have been approved by regulatory authorities as separate account contracts. ##### [944-80-55-21](https://asc.understandingaccounting.org/asc/944/80/#944-80-55-21) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:36.210Z to 2026-09-10T02:18:36.210Z Record version: sha256:5cf0bebc80d39568d1a5a760df83bf7797e46fca8b47e350b29fb81d9532b0de Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The guaranteed interest separate account allocations are often referred to as spread products, where the insurer bears the investment risk and its profits are derived primarily from the excess of investment performance over net amounts credited to the contract holder. Amounts related to this contract that are directed to the general account option will be shown within general account balances. Source downloaded (UTC): 2026-09-10T02:18:39.188Z to 2026-09-10T02:18:39.188Z Record version: sha256:09e0393f78922a83341fa3f0341d93c9851827b83671f165eeb8ce0b83c4c259 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 944-80-65: 65 Transition and Open Effective Date Information [Read section](https://asc.understandingaccounting.org/asc/944/80/#65-transition-and-open-effective-date-information) SEC content: no ##### [944-80-65-1](https://asc.understandingaccounting.org/asc/944/80/#944-80-65-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:18:39.188Z to 2026-09-10T02:18:39.188Z Record version: sha256:454fedf97f4e85eae0d901945e792435c95eafb67ee640f179d93d1853eb641b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Paragraph superseded on 06/18/2012 after the end of the transition period stated in Accounting Standards Update No. 2010-15, _Financial Services—Insurance (Topic 944): How Investments Held through Separate Accounts Affect an Insurer's Consolidation Analysis of Those Investments_.