Does ASC 606 affect my insurance organization?
Most insurance companies believed they were completely scoped out of ASC 606, Revenue from Contracts with Customers, because insurance contracts in the scope of ASC 944 are excluded from the standard. However, many insurance organizations are realizing that they have OTHER revenue streams outside of the scope of ASC 944 that do fall under the scope of ASC 606. Now insurance companies are scrambling to determine if they are affected and, if so, what the impact is to their organization.
Join Baker Tilly’s insurance industry specialists as they overview the revenue recognition standard, how it impacts insurance organizations and what insurance companies will need to do to prepare for implementation.
One (1) hour total credit, Accounting (GAS 80), Nick Nelson