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.
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.