IFRS04 BV2009 - IFRS 4 International Financial Reporting...

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IFRS 4 International Financial Reporting Standard 4 Insurance Contracts This version includes amendments resulting from IFRSs issued up to 31 December 2008. IFRS 4 Insurance Contracts was issued by the International Accounting Standards Board (IASB) in March 2004. IFRS 4 and its accompanying documents have been amended by the following IFRSs: IFRS 7 Financial Instruments: Disclosures (issued August 2005) Financial Guarantee Contracts (Amendments to IAS 39 and IFRS 4) (issued August 2005) IFRS 8 Operating Segments (issued November 2006) 1 IAS 1 Presentation of Financial Statements (as revised in September 2007) 2 IFRS 3 Business Combinations (as revised in January 2008) 3 IAS 27 Consolidated and Separate Financial Statements (as amended in January 2008). 4 In December 2005 the IASB published revised Guidance on implementing IFRS 4. The following Interpretation refers to IFRS 4: SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease (as amended in 2004). 1 effective date 1 January 2009 2 effective date 1 January 2009 3 effective date 1 July 2009 4 effective date 1 July 2009 © IASCF 1
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IFRS 4 C ONTENTS paragraphs INTRODUCTION IN1–IN11 INTERNATIONAL FINANCIAL REPORTING STANDARD 4 INSURANCE CONTRACTS OBJECTIVE 1 SCOPE 2–12 Embedded derivatives 7–9 Unbundling of deposit components 10–12 RECOGNITION AND MEASUREMENT 13–35 Temporary exemption from some other IFRSs 13–20 Liability adequacy test 15–19 Impairment of reinsurance assets 20 Changes in accounting policies 21–30 Current market interest rates 24 Continuation of existing practices 25 Prudence 26 Future investment margins 27–29 Shadow accounting 30 Insurance contracts acquired in a business combination or portfolio transfer 31–33 Discretionary participation features 34–35 Discretionary participation features in insurance contracts 34 Discretionary participation features in financial instruments 35 DISCLOSURE 36–39 Explanation of recognised amounts 36–37 Nature and extent of risks arising from insurance contracts 38–39A EFFECTIVE DATE AND TRANSITION 40–45 Disclosure 42–44 Redesignation of financial assets 45 APPENDICES A Defined terms B Definition of an insurance contract C Amendments to other IFRSs APPROVAL BY THE BOARD OF IFRS 4 ISSUED IN MARCH 2004 APPROVAL BY THE BOARD OF FINANCIAL GUARANTEE CONTRACTS (AMENDMENTS TO IAS 39 AND IFRS 4) ISSUED IN AUGUST 2005 BASIS FOR CONCLUSIONS IMPLEMENTATION GUIDANCE 2 © IASCF
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IFRS 4 International Financial Reporting Standard 4 Insurance Contracts (IFRS 4) is set out in paragraphs 1–45 and Appendices A–C. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in Appendix A are in italics the first time they appear in the Standard. Definitions of other terms are given in the Glossary for International Financial Reporting Standards. IFRS 4 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards
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This note was uploaded on 02/22/2012 for the course ACCOUNTING 402 taught by Professor Sanaabadry during the Spring '12 term at DISD.

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IFRS04 BV2009 - IFRS 4 International Financial Reporting...

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