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ASC 944, Financial ServicesInsurance, provides guidance on the financial statement presentation of long-duration and short-duration insurance contracts written by insurance entities. In addition to the information provided on the face of the financial statements, certain disclosures must be included in the notes.
The objective of the ASC 944 presentation and disclosure requirements for short-duration and long-duration contracts is to provide users with decision-useful financial information that helps them understand the amount, timing, and uncertainty of risks arising from insurance contracts.
SEC Regulation S-X, Article 7 sets forth the financial statement requirements for insurance entities and provides rules for the form and content of insurance entity financial statements filed with the SEC. The SEC requirements are in addition to meeting all of the GAAP requirements. Some nonpublic insurance entities and reinsurance entities voluntarily comply with Regulation S-X, Article 7 since GAAP is silent on certain presentation matters.
This chapter discusses the presentation and disclosure considerations that are specific to insurance entities. See FSP for general guidance on financial statement presentation.
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