Insurance Spotlight — Intersection Ahead in the Revenue Recognition and Insurance Contracts Projects
Issue 4, April 2012
This Insurance Spotlight highlights the potential points of intersection between the insurance contracts and revenue recognition projects and the need for companies to understand the accounting under both to gauge how the new standards will affect existing accounting practices. It summarizes the key provisions of the revised exposure draft on revenue recognition and highlights pertinent aspects of the insurance contracts project along with recent board decisions under which (1) the guidance on revenue recognition would be applied in lieu of that on insurance contracts or (2) revenue recognition principles would be incorporated into the accounting for insurance contracts.
Read more in the file attached below or visit the Industry Spotlight Archive for additional issues.
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