ASC 606 (Revenue Recognition) Insurance Organization Services
How will you know if ASC 606 impacts your insurance organization?
ASC 606 (Revenue Recognition) Insurance Organization Services
Most insurance organizations (health, life, property and casualty (P&C), reinsurance, even insurtechs) will have some impact from ASC 606, Revenue Recognition.
Work with a team who can adapt to your organization’s complexity and provide both simple single line revenue solutions and complex multiple revenue stream solutions.
Our solutions
Initially, insurance organizations thought ASC 606 would have minimal impact on the industry because insurance contracts accounted for under ASC 944 were out of scope. Insurance companies believed they could disregard the major change in accounting standards.
However, as companies and accounting specialists delved into the standard, they discovered that many insurance organizations have revenue streams that fall under the scope of ASC 606.
What does this mean?
Insurers should carefully review whether they are affected by ASC 606 with an advisor who understands their specific revenue streams and methods of accounting.
Tailored services to help you navigate the changes
You need help navigating through this complex accounting standard. Our insurance industry specialists understand the multiple revenue streams and various standards that apply to your accounting. We understand that not every organization needs assistance in every area of implementation and have flexible support options to fit your needs.
We can assist you in any of the following:
- Risk assessment: We will help you determine which of your revenue streams are affected.
- Impact assessment: We will help you understand the level of impact on your systems, processes, controls.
- Gap analysis: We will help you understand the gaps from where your systems, processes, and controls are today to where they need to be for successful ASC 606 implementation.
