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1. www.frc.org.uk › uk-accounting-standards › frs-103FRS 103 Insurance Contracts - FRC (Financial Reporting Council)

   www.frc.org.uk › uk-accounting-standards › frs-103

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   Name. FRS 103 Insurance Contracts (September 2024) Publication date. 10 September 2024. Type. Standard. Notes. The September 2024 edition of FRS 103 incorporates all amendments issued up to September 2024. Some requirements, including those introduced by the Periodic Review 2024 amendments, are not mandatory at the time of publication.

2. assets.ey.com › content › damAccounting for certain life insurance and annuity products

   assets.ey.com › content › dam

   Jul 19, 2023 · The accounting and financial reporting guidance for certain long-duration insurance and annuity contracts is codified in Accounting Standards Codification (ASC) 944, Financial Services — Insurance. Our publication will help you understand the accounting and financial reporting requirements for certain long-duration insurance and annuity ...

3. www.ifrs.org › ifrs-17-insurance-contractsInsurance Contracts IFRS 17

   www.ifrs.org › ifrs-17-insurance-contracts

   explicitly that it regards such contracts as insurance contracts and has used accounting applicable to insurance contracts. The issuer shall choose to apply either IFRS 17 or IAS 32 . Financial Instruments: Presentation, IFRS 7 . Financial Instruments: Disclosures. and IFRS 9 . Financial Instruments. to such financial guarantee contracts. The ...

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4. www.theactuary.com › features › 2019/12/2019VFA: How do your contracts measure up? | The Actuary

   www.theactuary.com › features › 2019/12/2019

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   Dec 5, 2019 · IFRS 17 provides a specific measurement model for insurance contracts with direct participation features, known as the variable fee approach (VFA). This refers to the fact that such contracts are characterised by a variable fee that the entity charges in exchange for investment-related services. The variable fee is treated differently under the ...

5. www.accaglobal.com › content › damTechnical factsheet FRS 102 – small company reporting

   www.accaglobal.com › content › dam

   Small companies were moved under the scope of FRS 102 mandatorily for accounting periods starting on or after 1 January 2016. This technical factsheet has been updated to incorporate the results of the triennial review carried out by the FRC in 2017 which are expected to impact small entities. The triennial review amendments are mandatory for ...

6. viewpoint.pwc.com › dt › us5.2 Measurement – nonparticipating traditional life insurance

   viewpoint.pwc.com › dt › us

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   The year 2 forward rate represents the rate at inception at which a market participant would expect to reinvest at the end of year 1 for a bond maturing in year 2 (i.e., the rate that the market would demand today for a one year bond issued one year from now) to achieve an overall yield equal to the 2-year spot rate over the 2-year period In contrast, the spot rate approach would discount the ...

7. People also ask

   What if a liability is not recognised under IFRS 59(a)?

   • An entity not applying paragraph 59(a) shall recognise as an asset insurance acquisition cash flows paid (or insurance acquisition cash flows for which a liability has been recognised applying another IFRS Standard) before the related group of insurance contracts is recognised.

   Insurance Contracts IFRS 17

   www.ifrs.org/content/dam/ifrs/publications/pdf-standards/english/2021/issued/part-a/ifrs-17-insurance-contracts.pdf

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   What happens if interest rates decline after contract issuance?

   • For example, when interest rates decline after contract issuance, there would be a charge to OCI for the related change in the liability for future policy benefits. This charge would potentially offset the OCI impact from the available-for-sale debt securities funding the product.

   5.2 Measurement – nonparticipating traditional life insurance - Viewpoint

   viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/insurance-contracts/Insurance-Contracts/Chapter-5---Long-duration-contract-liabilities/5_2-Measurement--nonparticipating.html

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   Can a company set a price that B65 fully reflects risks?

   • When assessing whether the entity has the practical ability to set a price that B65 fully reflects the risks in the contract or portfolio, it shall consider all the risks that it would consider when underwriting equivalent contracts on the renewal date for the remaining service.

   Insurance Contracts IFRS 17

   www.ifrs.org/content/dam/ifrs/publications/pdf-standards/english/2021/issued/part-a/ifrs-17-insurance-contracts.pdf

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   What is premium persistency & deferral rate?

   • Premium persistency is 90% each year, and acquisition costs qualifying for deferral are 6% of each premium received. The policy has a surrender charge that phases out after seven years. The estimated investment yield rate is 10% and the interest crediting rate is 8.5%.

   Accounting for certain life insurance and annuity products

   assets.ey.com/content/dam/ey-sites/ey-com/en_us/topics/assurance/accountinglink/ey-frd00362-181us-07-19-2023.pdf?download

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8. viewpoint.pwc.com › dt › ukLong-term contract accounting – common mistakes - Viewpoint

   viewpoint.pwc.com › dt › uk

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   Mar 2, 2023 · The accounting for long-term contracts can be complex, and has been an area of regulator focus and concern over recent years. The guidance below is not intended to be a complete guide of how to account for long-term contracts, but is intended to highlight some of the key areas where entities make mistakes or find challenges in the application of IFRS 15 to long-term contracts.