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Need to know - FRC issues Draft FRS 103 Insurance Contracts

Published on: 09 Sep 2013

The Financial Reporting Council (FRC) has issued Financial Reporting Exposure Draft (FRED) 49: ‘Draft FRS 103 Insurance Contracts’. The proposed FRS 103 is based on IFRS 4, and broadly allows entities to continue with their current accounting for insurance contracts if they wish, or to make certain improvements. Nevertheless, given some of the requirements of this standard and of FRS 102, insurance contract accounting may change for many insurers.

The FRC has also published draft implementation guidance to assist in the application of FRS 103, the application of FRS 102 to insurance companies, and the accounting requirements of the Companies Act for insurance companies.

Once approved, the new standard would apply for periods commencing on or after 1 January 2015, with early adoption permitted (but not required) if FRS 102 is also adopted. Once FRS 103 is adopted, FRS 27 and the ABI SORP will cease to apply. The deadline for comments to the FRC is 31 October 2013.

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