FRS 103: Insurance Contracts

The fourth standard in the suite of accounting standards, FRS 103: Insurance Contracts: Consolidated accounting and reporting requirements for entities in the UK and Republic of Ireland issuing insurance contracts, has been issued.

It applies to entities applying FRS 102 that have insurance contracts with accounting periods beginning on or after 1 January 2015.

The new standard applies to entities applying FRS 102 that have insurance contracts with accounting periods beginning on or after 1 January 2015.

To help with implementation the Financial Reporting Council has also prepared guidance to support the standard, split into three sections:

• guidance for entities with long-term insurance business 
• guidance for entities with general insurance business or long-term insurance business 
• guidance on capital disclosures for entities with long-term insurance business.

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