Insurance Contracts This version includes amendments resulting from IFRSs issued up to 17 January 2008. IFRS 4 Insurance Contracts was issued by the International Accounting Standards Board (IASB) in March 2004. IFRS 4 and its accompanying documents have been amended by the following IFRSs: • • • • • • IFRS 7 Financial Instruments: Disclosures (issued August 2005) Amendments to IAS 39 and IFRS 4—Financial Guarantee Contracts (issued August 2005) IFRS 8 Operating Segments (issued November 2006) IAS 1 Presentation of Financial Statements (as revised in September 2007) IFRS 3 Business Combinations (as revised in January 2008) IAS 27 Consolidated and. | IFRS 4 International Financial Reporting Standard 4 Insurance Contracts This version includes amendments resulting from IFRSs issued up to 17 January 2008. IFRS 4 Insurance Contracts was issued by the International Accounting Standards Board IASB in March 2004. IFRS 4 and its accompanying documents have been amended by the following IFRSs IFRS 7 Financial Instruments Disclosures issued August 2005 Amendments to IAS 39 and IFRS 4 Financial Guarantee Contracts issued August 2005 IFRS 8 Operating Segments issued November 2006 IAS 1 Presentation of Financial Statements as revised in September 2007 IFRS 3 Business Combinations as revised in January 2008 IAS 27 Consolidated and Separate Financial Statements as amended in January 2008 . In December 2005 the IASB published revised Guidance on Implementing IFRS 4. The following Interpretation refers to IFRS 4 SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease as amended in 2004 . IASCF 527 IFRS 4 Contents paragraphs INTRODUCTION IN1-IN12 INTERNATIONAL FINANCIAL REPORTING STANDARD 4 INSURANCE CONTRACTS OBJECTIVE 1 SCOPE 2-12 Embedded derivatives 7-9 Unbundling of deposit components 10-12 RECOGNITION AND MEASUREMENT 13-35 Temporary exemption from some other IFRSs 13-20 Liability adequacy test 15-19 Impairment of reinsurance assets 20 Changes in accounting policies 21-30 Current market interest rates 24 Continuation of existing practices 25 Prudence 26 Future investment margins 27-29 Shadow accounting 30 Insurance contracts acquired in a business combination or portfolio transfer 31-33 Discretionary participation features 34-35 Discretionary participation features in insurance contracts 34 Discretionary participation features in financial instruments 35 DISCLOSURE 36-39 Explanation of recognised amounts 36-37 Nature and extent of risks arising from insurance contracts 38-39A EFFECTIVE DATE AND TRANSITION 40-45 Disclosure 42-44 Redesignation of financial assets 45 APPENDICES A Defined terms B .
