UK GAAP 2019

Chapter 33FRS 103 – Insurance contracts

• 1 INTRODUCTION
  • 1.1 Updates to FRS 103
  • 1.2 IFRS 17 – Insurance Contracts
  • 1.3 Non-insurance transactions and balances
  • 1.4 Implementation guidance to accompany FRS 103
• 2 COMPARISON BETWEEN FRS 103 AND IFRS 4
  • 2.1 Reporting foreign currency transactions in the functional currency
  • 2.2 Recognition and measurement requirements for long-term insurance business
  • 2.3 Entities setting accounting policies for the first time
  • 2.4 Classification of insurance contracts with discretionary participation features
  • 2.5 Financial instruments with discretionary participation features
  • 2.6 Equalisation and catastrophe provisions
  • 2.7 Applying IFRS 9 – Financial Instruments – with IFRS 4 – Insurance Contracts
  • 2.8 Disclosure differences
• 3 THE OBJECTIVES, SCOPE OF AND TRANSITION TO FRS 103
  • 3.1 The objectives of FRS 103
  • 3.2 The scope of IFRS 103
    • 3.2.1 Key definitions
    • 3.2.2 Transactions within the scope of FRS 103
    • 3.2.3 Transactions not within the scope of FRS 103
      • 3.2.3.A Product warranties
      • 3.2.3.B Assets and liabilities arising from employment benefit plans
      • 3.2.3.C Contingent rights and obligations related to non-financial items
      • 3.2.3.D Financial guarantee contracts
      • 3.2.3.E Contingent consideration payable or receivable in a business combination
      • 3.2.3.F Direct insurance contracts in which the entity is the policyholder
    • 3.2.4 The product classification process
  • 3.3 Transition to FRS 103
  • 3.4 Setting accounting policies for insurance contracts for the first time ...