ASC 606 for insurance organizations: Who is affected and what are the impacts

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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 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.

Join Baker Tilly’s insurance industry specialists as they overview the revenue recognition standard, how it impacts insurance organizations and what insurance companies need to prepare for implementation.

Key learning objectives

  • 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

Who should attend

  • CEOs, CFOs and controllers of insurance organizations

Presenters

Jason Jacobs, CPA, Partner
Jonathan Zeigler, CPA, Partner

Information about CPE eligibility

CPE credit: One (1) hour total credit
Field of study: Accounting (GAS 80)

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