However, by number, most UK life insurance companies still apply UK Generally Accepted Accounting Practice (‘GAAP’) rather than International Financial Reporting Standards (‘IFRS’), be that in their annual report or for the statutory accounts of insurance entities within a group.
FRS 103 Insurance Contracts was issued by the Financial Reporting Council (‘FRC’) in the UK in March 2014 and was introduced as part of the FRC's efforts to align UK and Irish accounting standards with IFRS. With IFRS for insurance contracts having moved on from IFRS 4 to IFRS 17, what is next for life insurers reporting under UK GAAP and what can we learn from the implementation of IFRS 17 to ensure the direction taken is both appropriate and proportionate?
Download the report today to read our detailed analysis covering the history and context of UK GAAP, our discussion of if, and why the FRC may consider that changes are required and our suggestions of the various possible approaches that could be used to account for life insurance contracts.
Contact us
