An update on key technical issues
April 2005
Welcome to the 15th in a series of papers dedicated to discussing International Financial Reporting Standards (IFRS) and their impact on insurers and the users of their accounts. This paper discusses many of the current technical issues that have arisen in our experience of implementing IFRS with insurance clients in the United Kingdom, illustrating some of the inherent complexities.
The issues discussed in the paper are as follows:
Unit linked investment contracts: - Impact of European Commission carve-out of IAS 39
- Fair valuing unit linked Investment contracts
- Balance sheet presentation of unit linked assets
Revenue and cost recognition for investment contracts
Taxation matters for life insurance companies- I-E tax presentation
- Accounting for tax when using embedded value accounting
- Tax on acquired VIF
Consolidation issues- Investments in authorised unit trusts and OEICs
- Venture capital investments
- Minority interests in entities held in participating funds
- Lloyds syndicates
Discretionary participation features- Definition of discretionary participation features
- Hybrid investment contracts with options to switch into DPF contracts
Other matters- Recognition of commission liability
- Derecognition of policyholder liabilities
- Acquired VIF on investment contracts
- Segmental analysis
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