ASC 606 for insurance organizations: Who is affected and what are the impacts
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 ASC 944 that fall under ASC 606. Now insurance companies are scrambling to determine if they are affected and, if so, what the impact is to their organization.
This Baker Tilly webinar provides an overview the revenue recognition standard, how it impacts insurance organizations and what insurance companies need to prepare for implementation.
Key takeaways
- Understand the main elements of ASC 606
- Learn about the revenue streams that may be impacted under ASC 606
- Understand the extent to which your organization may be affected (time, effort, resources, internal controls, processes etc.) and the timeline you have to implement changes
You can also view additional resources and educational recordings to help your organization prepare for the new revenue recognition standard by accessing our ASC 606 resource center.
For more information on ASC 606, or to learn how Baker Tilly’s insurance industry specialists can help, contact our team.
