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FASB ASC Guide > FASB ASC 944

The Financial Accounting Standards Board (FASB) released Accounting Standards Codification 944 (ASC 944) to address financial services related to companies engaged in providing insurance. As insurance is a broad topic, there are several subtopics including but not limited to acquisition costs, claim costs, liabilities for future policy benefits, policyholder dividends, and premium deficiency loss recognition. The length of time contracts are entered into is a defining characteristic of the contracts as well as other characteristics such as the structure of the contract.

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