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IFRS 4: Insurance ContractsObjective (para. 1)Scope (paras. 2-12)Recognition and measurement (paras. 13-35A)Presentation (paras. 35B-35N)Disclosure (paras. 36-39M)Effective date and transition (paras. 40-49)Appendix A Defined termsAppendix B Definition of an insurance contractAppendix C Amendments to other IFRSsApproval by the Board of IFRS 4 issued in March 2004Approval by the Board of Financial Guarantee Contracts (Amendments to IAS 39 and IFRS 4) issued in August 2005Approval by the Board of Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments to IFRS 4) issued in September 2016Approval by the Board of Extension of the Temporary Exemption from Applying IFRS 9 issued in June 2020IFRS 4: Basis for ConclusionsIntroduction (paras. BC1-BC9)BC1Background (para. BC2-BC5)Tentative conclusions for phase II (paras. BC6-BC9)Scope (paras. BC10-BC76)BC10Definition of insurance contract (paras. BC11-BC60)Scope exclusions (paras. BC61-BC76)Temporary exemption from some other IFRSs (paras. BC77-BC122)BC77-BC86Catastrophe and equalisation provisions (paras. BC87-BC93)Liability adequacy (paras. BC94-BC104)Derecognition (para. BC105)Offsetting (para. BC106)Reinsurance assets (paras. BC107-BC114)Other existing practices (paras. BC115-BC122)Changes in accounting policies (paras. BC123-BC146)Relevance and reliability (paras. BC123-BC125)Discounting (paras. BC126-BC127)Investment management fees (paras. BC128-BC130)Uniform accounting policies on consolidation (paras. BC131-BC132)Excessive prudence (para. BC133)Future investment margins (paras. BC134-BC144)Redesignation of financial assets (paras. BC145-BC146)Acquisition of insurance contracts in business combinations and portfolio transfers (paras. BC147-BC153)Discretionary participation features (paras. BC154-BC165)Issues related to IAS 39 (paras. BC166-BC197)Assets held to back insurance contracts (paras. BC166-BC180)Shadow accounting (paras. BC181-BC184)Investment contracts (paras. BC185-BC187)Embedded derivatives (paras. BC188-BC194)Elimination of internal items (paras. BC195-BC197)Issues related to IFRS 9 (para. BC197A)Income taxes (para. BC198)Disclosure (paras. BC199-BC226A)BC199-BC207Materiality (paras. BC208-BC210)Explanation of recognised amounts (paras. BC211-BC214)Nature and extent of risks arising from insurance contracts (paras. BC215-BC226)Disclosures about the temporary exemption from IFRS 9 and the overlay approach (para. BC226A)Summary of changes from ED 5 (para. BC227)Applying IFRS 9 with IFRS 4 (paras. BC228-BC282)Background (paras. BC228-BC236)Overlay approach (paras. BC237-BC239)Eligibility for the overlay approach (paras. BC240-BC247)Temporary exemption from IFRS 9 (paras. BC248-BC274)Fixed expiry date for the temporary exemption (paras. BC275-BC277G)Temporary exemption from specific requirements in IAS 28 (paras. BC278-BC281)First-time adopter (para. BC282)Effects analysis of Applying IFRS 9 with IFRS 4 (paras. BC283-BC299)BC283-BC284Financial statements of those applying IFRS (paras. BC285-BC287)Comparability (paras. BC288-BC289)Usefulness in assessing the future cash flows of an entity and better economic decision-making (paras. BC290-BC292)Effect on compliance costs for preparers (paras. BC293-BC296)The costs of analysis for users of financial statements (paras. BC297-BC299)Dissenting opinions on IFRS 4IFRS 4: Implementation Guidance
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Version date: 10 February 2017 - onwards

Approval by the Board of Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments to IFRS 4) issued in September 2016

Superseded by IFRS 17: Insurance Contracts, para. C34, May 2017, for annual periods beginning on or after 1 January 2023. Earlier application is permitted, see App. C.

Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments to IFRS 4) was approved for issue by eleven of the twelve members of the International Accounting Standards Board. Ms Tokar dissented. Her dissenting opinion is set out after the Basis for Conclusions.

Hans Hoogervorst                                        Chairman

Stephen Cooper

Philippe Danjou

Amaro Luiz de Oliveira Gomes

Martin Edelmann

Gary Kabureck

Suzanne Lloyd

Takatsugu Ochi

Darrel Scott

Chungwoo Suh

Mary Tokar

Wei-Guo Zhang

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