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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: 26 February 2020 - onwards

BC1

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.

BC1 This Basis for Conclusions summarises the International Accounting Standards Board’s considerations in reaching the conclusions in IFRS 4 Insurance Contracts. Individual Board members gave greater weight to some factors than to others.

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