Revenue Changes for Insurers

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Insurers may see a change in revenue recognition after adopting Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606). The effect on each insurer will vary depending on existing income sources, customer base and accounting elections. The new guidance could lead to a change in the recognition of revenue and costs from services other than insurance contracts. In addition, insurers will have to redraft accounting policies under the new principles and update internal controls for any increases in management’s judgments.

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