FRC issues a revised version of FRS 103

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13 Feb, 2017

The Financial Reporting Council (FRC) has today issued a revised version of Financial Reporting Standard (FRS) 103 ‘Insurance Contracts’ and accompanying non-mandatory Implementation Guidance.

The amended version of FRS 103 updates the version issued in March 2014 for the following:

  • amendments arising as a result of Solvency II, issued in May 2016;
  • inserting paragraph A4.2A to clarify a legal requirement regarding a reference to the Solvency II Directive in the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410), on which the Department for Business, Energy and Industrial Strategy (BEIS) has written to the FRC confirming that there is no requirement to change the accounting basis to one consistent with Solvency II; and
  • editorial, typographical and presentational amendments. 

The press release and revised version of FRS 103 are available on the FRC website.

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