Created Date 5/28/2017 7:54:37 PM Please read, International Financial Reporting Standards, comprehensive project on insurance contracts, Insurance contracts — Comprehensive project, IFRS Foundation publishes IFRS Taxonomy update, European Union formally adopts IFRS 4 amendments regarding the temporary exemption from applying IFRS 9, EFRAG publishes draft endorsement advice on IBOR amendments, IASB finalises phase 2 of its IBOR reform project, EFRAG outreach event in the context of the endorsement process of IBOR Phase 2, IASB publishes proposed IFRS Taxonomy update, EFRAG endorsement status report 16 December 2020, A Closer Look — Financial instrument disclosures when applying Interest Rate Benchmark Reform – Phase 1 amendments to IFRS 9 and IAS 39 and Phase 2 amendments to IFRS 9, IAS 39, IFRS 4 and IFRS 16, EFRAG endorsement status report 6 November 2020, EFRAG endorsement status report 14 September 2020, Effective date of IBOR reform Phase 2 amendments, Different effective dates of IFRS 9 and the new insurance contracts standard, IAS 39/IFRS 4 – Financial guarantee contracts and credit insurance, IBOR reform and the effects on financial reporting — Phase 2, Comprehensive insurance contracts project carried over from IASC to new IASB, Short-term insurance contracts project split off from comprehensive project, Effective for annual periods beginning on or after 1 January 2005, Effective for annual periods beginning on or after 1 January 2006. Fitch Ratings – a leading global fixed income rating agency – has analysed the implications of IFRS 4 Insurance Contracts and has concluded that Fitch "does not expect any rating actions as a direct result of the move to IFRS. measuring insurance liabilities on an undiscounted basis, measuring contractual rights to future investment management fees at an amount that exceeds their fair value as implied by a comparison with current market-based fees for similar services. Example – Applying the temporary exemption within a group Under IFRS 4 , companies could therefore carry on using national standards when accounting for insurance contracts. This site uses cookies to provide you with a more responsive and personalised service. Please complete the CAPTCHA field to verify you are human. Introduction to IFRS 4 Phase II – Four key concepts for Non-Life Insurers 2. © IFRS Foundation 2017. It does not apply to other assets and liabilities of an insurer, such as financial assets and financial liabilities within the scope of IFRS 9. An error has occurred, please try again later. Accessibility   |   Privacy   |   Terms and Conditions   |   Trade mark guidelines   |   All legal information   |   Using our website. [IFRS 4.Appendix A], The IFRS exempts an insurer temporarily (until completion of Phase II of the Insurance Project) from some requirements of other IFRSs, including the requirement to consider IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors in selecting accounting policies for insurance contracts. The Board issued IFRS 4 because it saw an urgent need for improved disclosures for insurance contracts, and some improvements to recognition and measurement practices, in time for the adoption of IFRS by listed companies throughout Europe and elsewhere in 2005. hyphenated at the specified hyphenation points. IFRIC 4 will be superseded by IFRS 16 Leases Summary of IFRIC 4 In recent years arrangements have developed that do not take the legal form of a lease but which convey rights to use assets in return for a payment or series of payments. 3 Updated September 2019 A closer look at IFRS 15, the revenue recognition standard While entities have adopted the standards, application issues may continue to arise. IFRS 4 requires to perform liability adequacy test by the Actuary The minimum requirements of test are the following: - The test considers current estimates of … using non-uniform accounting policies for the insurance liabilities of subsidiaries. Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. An entity choosing to apply the deferral approach does so for annual periods beginning on or after 1 January 2018. These examples also illustrate the tagging of new elements added to the IFRS Taxonomy 2019 as a result of the analysis of common reporting practice on IFRS 13 Fair Value Measurement (see Example 15) and general improvements (see Examples 7, 8 and 17) These words serve as exceptions. Arnold Schwarzenegger This Speech Broke The Internet AND Most Inspiring Speech- It Changed My Life. 3-4) Recognition exemptions (paragraphs B3-B8) (paras. [IFRS 4.24], An insurer need not change its accounting policies for insurance contracts to eliminate excessive prudence. The application of both approaches is optional and an entity is permitted to stop applying them before the new insurance contracts standard is applied. The standard was published in March 2004 and is effective from 1 January 2005. IFRS 4 Insurance Contracts provides guidance on the accounting treatment of all insurance contracts except for specific contracts covered by other standards. Publication: Use of IFRS Standards around the world [PDF], How the IFRS Interpretations Committee helps support consistent application, Supporting materials for the IFRS for SMEs Standard. IFRS 4 Phase II Subject The IASB believe that they are close to finalising IFRS 4 Phase II, accounting for insurance contacts. An entity choosing to apply the overlay approach retrospectively to qualifying financial assets does so when it first applies IFRS 9. The special report Mind the GAAP: Fitch's View on Insurance IFRS provides an overview of IFRS 4 and the issues being addressed in Phase II of the IASB's insurance project; assesses the implications including increased volatility, greater use of discounting and fair values, changes to income recognition, and enhanced disclosures; and discusses how the changes affect ratings analysis. The IFRS Foundation's logo and the IFRS for SMEs® logo, the IASB® logo, the ‘Hexagon Device’, eIFRS®, IAS®, IASB®, IFRIC®, IFRS®, IFRS for SMEs®, IFRS Foundation®, International Accounting Standards®, International Financial Reporting Standards®, NIIF® and SIC® are registered trade marks of the IFRS Foundation, further details of which are available from the IFRS Foundation on request. - Duration: 14:58. The board recognizes that 3 ½ to 4 years is a long implementation period. [IFRS 4.2] It does not apply to other assets and liabilities of an insurer, such as financial assets and financial liabilities within the scope of IAS 39 Financial Instruments: Recognition and Measurement. The Board issued IFRS 4 because it saw an urgent need for improved disclosures for insurance contracts, and some improvements to recognition and measurement practices, in time for the adoption of IFRS by listed companies throughout Europe and elsewhere in 2005. On 12 September 2016, the IASB issued amendments to IFRS 4 providing two options for entities that issue insurance contracts within the scope of IFRS 4: An entity choosing to apply the overlay approach retrospectively to qualifying financial assets does so when it first applies IFRS 9. 4. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox. [IFRS 4.22] In particular, an insurer cannot introduce any of the following practices, although it may continue using accounting policies that involve them: [IFRS 4.25], The IFRS permits the introduction of an accounting policy that involves remeasuring designated insurance liabilities consistently in each period to reflect current market interest rates (and, if the insurer so elects, other current estimates and assumptions). Prior to now, insurance accounting practices follow the provisions of the local GAAP, SAS 16 (in Please remove any invalid characters ('', '+', '|'), links or URLs (e.g www.ifrs.org, http://www.ifrs.org) from the 'Your query' field and re-submit. 米国、日本等においては、自国基準を保持しながら、自国基準とIFRSとの差異を縮小することによってIFRSと同様な会計基準を採用しようとする「コンバージェンス」が進められてきたが、欧州連合（EU）がEU域内上場企業の連結財務諸表にIFRSの適用を義務付け、域外上場企業にも「IFRS又はこれと同等の会計基準」の適用を義務付けたことを契機に、IFRSを自国の基準として採用する「アドプション」を表明する国が急速に増加し、世界的に「アドプション」ないしは「フル・コンバージェンス」 … Each word should be on a separate line. [IFRS 4.45]. IFRS 4 was issued in March 2004 and applies to annual periods beginning on or after 1 January 2005. Recognition and measurement 368 3. IFRS 4 for beginners: Everything you ever wanted to know but were afraid to ask Simon Sheaf & Simon Yeung 05/09/2012 2 Agenda 1. IFRS 4 will be replaced by IFRS 17 as of 1 January 2023. [IFRS 4.4(d)], An insurance contract is a "contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder." 17 before that date if the entity also applies IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers at the same time. The amendments are effective from 1 January … That exemption is broader than in IFRS 6 because IFRS 4 leaves many What general insurers need to do now, and why. Scope IFRS 4 applies to all insurance contracts, it includes reinsurance contracts that an entity issues and reinsurance contracts that it holds. BC18 IFRS 4 Insurance Contracts provides a temporary exem ption from paragraphs 10–12 of IAS 8. 5-8) Identifying a lease (paragraphs B9-B33) (paras. This is probably the longest article I have ever published (about 5 000 words and it took me about 30 hours to write it), but you don’t have to read it all, although I do recommend it as you will find a lot of analogy for your own situation. The amendments require insurers who apply the temporary exemption from IFRS 9 to apply the amendments in IFRS 9 in accounting for modifications directly required by the IBOR reform, they are effective for annual periods beginning on or after 1 January 2021. IFRS 17 will replace IFRS 4 as of 1 January. information about insurance risk (both before and after risk mitigation by reinsurance), including information about: actual claims compared with previous estimates, the information about credit risk, liquidity risk and market risk that IFRS 7 would require if the insurance contracts were within the scope of IFRS 7. information about exposures to market risk arising from embedded derivatives contained in a host insurance contract if the insurer is not required to, and does not, measure the embedded derivatives at fair value. I also wrote this article for you to give you a few IFRS 15 examples and hints – all with the purpose to warn you. However, if an insurer already measures its insurance contracts with sufficient prudence, it should not introduce additional prudence. On 25 June 2020, the IASB issued Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4) thereby deferring the fixed expiry date for the temporary exemption in IFRS 4 from applying IFRS 9 to 1 January 2023. A comprehensive project on insurance contracts is under way. By using this site you agree to our use of cookies. [IFRS 4.3] Furthermore, it does not address accounting by policyholders. IFRS 16: Leases Introduction (IN1-IN15) Objective (paras. 1-2) Scope (paras. Accounting policies (2) IFRS 16 Thematic Review (September 2020) Examples of better disclosure… ‘Leaseliabilities are initially measured at the present value of lease payments that are due over the lease term, discounted using the group’sincremental borrowing rate.incremental borrowing rate. Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. requires an insurer to keep insurance liabilities in its balance sheet until they are discharged or cancelled, or expire, and prohibits offsetting insurance liabilities against related reinsurance assets and income or expense from reinsurance contracts against the expense or income from the related insurance contract. IFRS 4 Background • The IASB issued the first standard on insurance contracts in 2005. Without this permission, an insurer would have been required to apply the change in accounting policies consistently to all similar liabilities. Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 – Interest Rate Benchmark Reform – Phase 2 May adopt early August 2020 1 January 2021 1) In December 2015, the IASB postponed the effective date of The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). [IFRS 4.26], There is a rebuttable presumption that an insurer's financial statements will become less relevant and reliable if it introduces an accounting policy that reflects future investment margins in the measurement of insurance contracts. IFRS 4 Insurance Contracts applies, with limited exceptions, to all insurance contracts (including reinsurance contracts) that an entity issues and to reinsurance contracts that it holds. However, if an issuer of financial guarantee contracts has previously asserted explicitly that it regards such contracts as insurance contracts and has used accounting applicable to insurance contracts, the issuer may elect to apply either IAS 39 or IFRS 4 to such financial guarantee contracts. [IFRS 4.27], When an insurer changes its accounting policies for insurance liabilities, it may reclassify some or all financial assets as 'at fair value through profit or loss'. However, Fitch cannot rule out the possibility that the additional disclosure and information contained in the accounts could lead to rating changes due to an improved perception of risk based on the enhanced information available." In light of the IASB's comprehensive project on insurance contracts, the standard provides a temporary exemption from the requirements of some other IFRSs, including the requirement to consider IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors when selecting accounting policies for insurance contracts. IASB issued an amendment to IFRS 4 Insurance Contracts to address concerns about the different effective dates of IFRS 9 and the new insurance contracts Standard that will replace IFRS 4 5 designations and reclassifications, the An entity choosing to apply the deferral approach does so for annual periods beginning on or after 1 January 2018. Once entered, they are only The agency recognises the significant limitations of phase 1 but believes that the enhanced disclosure and greater consistency at phase 1 of the insurance accounting project (set out in IFRS 4) will aid in the analysis of insurers and is a useful stepping stone to the more valuable phase 2. prohibits provisions for possible claims under contracts that are not in existence at the reporting date (such as catastrophe and equalisation provisions), requires a test for the adequacy of recognised insurance liabilities and an impairment test for reinsurance assets. Current IFRS 4 Phase I (voluntary unbundling) We expect that separating investment components will be uncommon due to highly interrelated character. [IFRS 4.34-35], information that helps users understand the amounts in the insurer's financial statements that arise from insurance contracts: [IFRS 4.36-37], accounting policies for insurance contracts and related assets, liabilities, income, and expense, the recognised assets, liabilities, income, expense, and cash flows arising from insurance contracts, if the insurer is a cedant, certain additional disclosures are required, information about the assumptions that have the greatest effect on the measurement of assets, liabilities, income, and expense including, if practicable, quantified disclosure of those assumptions, reconciliations of changes in insurance liabilities, reinsurance assets, and, if any, related deferred acquisition costs, Information that helps users to evaluate the nature and extent of risks arising from insurance contracts: [IFRS 4.38-39], those terms and conditions of insurance contracts that have a material effect on the amount, timing, and uncertainty of the insurer's future cash flows. IFRS 4 is the first guidance from the IASB on accounting for insurance contracts – but not the last. This website uses cookies. zInsurer decides the level of detail it needs to give in order to satisfy the the disclosure requirements. The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Führungsinfo; Teil 4; IFRS 4 Dr. Ruprecht Witzel; FS 11 4 1. An excerpt: We are grateful to Fitch Ratings for allowing us to post their copyrighted report: Click to Download (PDF 209k). [IFRS 4.4(f)], In 2005, the IASB amended the scope of IAS 39 to include financial guarantee contracts issued. The scope of IAS 39 was in 2005 amended by the IASB to include financial guarantee Examples with solutions 362 IFRS 1 First-time Adoption of International Financial Reporting Standards 367 1. The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. IFRS 4 Background 5. 14-24) 'Set the date' will change the date at which you are viewing the The effective date of IFRS 17, which will be replacing IFRS 4, is now 1 January 2023; the fixed expiry date for the temporary exemption in IFRS 4 from applying IFRS 9 has been deferred to 1 January 2023. clarifies that an insurer need not account for an embedded derivative separately at fair value if the embedded derivative meets the definition of an insurance contract [IFRS 4.7-8], requires an insurer to unbundle (that is, to account separately for) deposit components of some insurance contracts, to avoid the omission of assets and liabilities from its balance sheet [IFRS 4.10], clarifies the applicability of the practice sometimes known as 'shadow accounting' [IFRS 4.30], permits an expanded presentation for insurance contracts acquired in a business combination or portfolio transfer [IFRS 4.31-33], addresses limited aspects of discretionary participation features contained in insurance contracts or financial instruments. 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