Concepts of IFRS 4 â Insurance Contracts & Implementation ...
Concepts of IFRS 4 â Insurance Contracts & Implementation ...
Concepts of IFRS 4 â Insurance Contracts & Implementation ...
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Product Classification flowchart<br />
<strong>IFRS</strong> 4 Phase I<br />
Contract components<br />
Significant insurance<br />
risk <br />
Yes<br />
No<br />
Yes<br />
Financial risk <br />
No<br />
<strong>Insurance</strong> contract<br />
<strong>IFRS</strong> 4<br />
Investment contract<br />
Service contract<br />
Unbundling <br />
Accounting:<br />
<strong>IFRS</strong> 4<br />
Yes<br />
Any<br />
Discretionary<br />
Participating<br />
Features <br />
IAS 18<br />
Recognise<br />
Revenue as<br />
earned<br />
No<br />
Yes<br />
<strong>IFRS</strong> 4 Deposit element: IAS 39<br />
<strong>Insurance</strong> – <strong>IFRS</strong> 4<br />
<strong>IFRS</strong> 9 Fair value or<br />
Amortised cost<br />
Copyright Birla Sun Life <strong>Insurance</strong> Company Limited 2008
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