TAILIEUCHUNG - Insurance accounting under IFRS: FINANCIAL SERVICES

The IASB issued IFRS 4 in March 2004 to provide interim guidance on accounting for insurance contracts. The Standard is the result of the first phase (phase I) of the IASB's project to develop an accounting standard to address the many complex and conceptual problems in insurance accounting. Before introduction of the Standard, IFRSs did not address specific insurance issues, while certain IFRSs specifically excluded insurance business. This resulted in diversity in the accounting practices of insurers. Given the need to create a stable platform of accounting standards by March 2004, due to mandatory application of IFRSs in many jurisdictions by 2005, the IASB developed IFRS 4 as an interim. | I I IL INSURANCE Insurance accounting under IFRS FINANCIAL SERVICES Insurance accounting under IFRS 1 Step one towards an international accounting standard on insurance The IASB issued IFRS 4 in March 2004 to provide interim guidance on accounting for insurance contracts. The Standard is the result of the first phase phase I of the IASB s project to develop an accounting standard to address the many complex and conceptual problems in insurance accounting. Before introduction of the Standard IFRSs did not address specific insurance issues while certain IFRSs specifically excluded insurance business. This resulted in diversity in the accounting practices of insurers. Given the need to create a stable platform of accounting standards by March 2004 due to mandatory application of IFRSs in many jurisdictions by 2005 the IASB developed IFRS 4 as an interim measure. It is expected that the Standard will not add significant costs to financial reporting that might become unnecessary once the more comprehensive project phase II is completed. The IASB has just begun phase II of the insurance contracts project and has established a new industry advisory group to assist them in this project. The main impact that IFRS 4 is expected to have is on classification of insurance contracts and disclosure in financial statements of entities issuing insurance contracts. The Standard has also brought about a number of changes in other IFRSs which will need to be addressed. Both existing IFRS reporters and first-time adopters should closely evaluate their current insurance contract accounting in relation to the requirements of IFRS 4. This publication provides an overview of IFRS 4 and selected sections of other IFRSs applicable to insurers. We hope this publication will be useful to you and your organisation while preparing to implement the requirements of IFRS 4. David B. Greenfield Global Sector Leader Insurance KPMG LLP US 2004 KPMG International. KPMG International is a Swiss .

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