The recent update issued by the Financial Accounting Standards Board (FASB) requiring disclosures about short-duration insurance contracts in order to increase the transparency of information used on financial statements will affect insurers in several ways.
Baker Tilly has created a template of example disclosures to assist your institution in implementation of the ASU 2015-09, Financial Services – Insurance (Topic 944): Disclosures about Short-Duration Contracts. Included in the template are:
- Disclosure requirements with sample disclosures
- ASC 944 guidance
- Sample illustrations to help explain the disclosures included in financial statements
- Supporting calculations for the illustrations
- Definitions of terms relevant to the ASC 944 language
For more information on the short-duration insurance contracts, or to learn how Baker Tilly accounting and consulting specialists can assist your organization, contact our team.