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FRC issues insurance contract reporting requirements

The UK Financial Reporting Council (FRC) has issued an insurance contract reporting standard, which aims to consolidate existing UK and Irish financial reporting requirements and guidance for insurance contracts.

The new standard, FRS 103: Insurance Contracts, will apply to companies that apply to FRS 102: The Financial reporting Standard applicable in the UK and Republic of Ireland, which have insurance contracts.

The new standard requirements allow entities to continue with their current accounting practices for insurance contracts, but permits them the same flexibility to make improvements as entities that apply IFRS.

The FRC said it expects FRS 103 to be an interim solution while the International Accounting Standards Board (IASB) completes its projects to revise accounting for insurance contracts, and will review it once the project is complete.

Although the exact timing of the review is yet to be determined, Roger Marshall, FRC board member and chair of the Accounting Council said: "We expect to revisit this topic in a few years' time, to consider whether changes to FRS 103 are desirable in response to regulatory or international accounting developments".

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