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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.

The Industry Spotlight series and other information on accounting and financial disclosure also can be found in the Technical Library: The Deloitte Accounting Research Tool. Technical Library, a subscription-based research tool, includes material from the Financial Accounting Standards Board (FASB), Emerging Issues Task Force (EITF), American Institute of Certified Public Accountants (AICPA), Securities and Exchange Commission (SEC) and International Accounting Standards Board (IASB), in addition to our own accounting manual and interpretive accounting guidance. Updated every business day, the Technical Library has an intuitive design and navigation system. Powerful search features enable users to locate information quickly, at any time and from any computer.

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