Wiley 2022 Interpretation and Application of IFRS Standards

33ACCOUNTING FOR INSURANCE CONTRACTS

• Introduction
• Definitions of Terms
• Insurance Contracts
  • Insurance Risk
• Recognition and Measurement Guidance
  • Adequacy of Insurance Liabilities
    • Impairment testing of reinsurance assets
  • Selection of Accounting Principles
  • Unbundling
  • Recognition
  • Discretionary Participation Features in Insurance Contracts
  • Embedded Derivatives
• Disclosure
  • Applying IFRS 9 with IFRS 4
    • Temporary exemption from IFRS 9
    • Disclosures about the temporary exemption from IFRS 9
    • The overlay approach
    • Disclosures about the overlay approach
    • Interaction with other requirements
• Transitional Provisions
  • Temporary exemption from IFRS 9
  • The overlay approach
• IFRS 17, Insurance Contracts
  • Scope
  • Identification and Unbundling
  • The Fulfilment Value Approach
  • The Premium Allocation Approach
  • Combination of Insurance Contracts
  • Identifying Groups and Portfolios
  • Recognition of Insurance Contracts
  • Liability for Remaining Coverage and Liability for Incurred Claims
  • Reinsurance Contracts
  • Contracts with Participation Features
  • Modification and Derecognition
  • Presentation
  • Disclosure
  • Transition
• US GAAP Comparison

INTRODUCTION

IFRS 4, Insurance Contracts, mainly addresses the identification of insurance contracts by an entity that issues these contracts—which is not limited to insurance companies—and limited other recognition and measurement issues. It applies to insurance contracts issued, reinsurance contracts held and financial instruments issued with a discretionary participation ...