Superseded by IFRS 17: Insurance Contracts, para.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.
BC61 The scope of the IFRS excludes various items that may meet the definition of insurance contracts, but are, or will be, covered by existing or proposed future IFRSs (paragraph 4). The following paragraphs discuss:
(a) financial guarantees and insurance against credit risk (paragraphs BC62–BC68);
(b) product warranties (paragraphs BC69–BC72);
(c) accounting by policyholders (paragraph BC73); and
(d) prepaid service contracts (paragraphs BC74–BC76).
Financial guarantees and insurance against credit risk
BC62 The Basis for Conclusions on IAS 39 [IFRS 9 Financial Instruments replaced IAS 39. IFRS 9 applies to all items that were previously within the scope of IAS 39.] explains the reasons for the Board’s conclusions on financial guarantee contracts.
BC63-BC68 [Deleted]
Product warranties
BC69 A product warranty
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