International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)

Massimiliano Maggioni and Giuseppe Turchetti
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Massimiliano Maggioni: University of Milano
Giuseppe Turchetti: Sant’Anna School of Advanced Studies

Chapter 28 in Fundamentals of the Insurance Business, 2024, pp 569-599 from Springer

Abstract: Abstract This chapter aims to illustrate the main impacts of IAS/IFRS standards on an insurance undertaking. In the paragraphs that follow the impacts deriving from IAS/IFRS are described in detail. IAS 39 defines the main changes concern the introduction of new rules of classification, and measurement of financial instruments. IFRS 9, replacing the IAS 39, foresees new classifications and different measurement criteria for assets. IFRS 7 gives the requirements for disclosure in the matter of financial instruments. IFRS 4 governs the measurement criteria for insurance contracts and relative technical components. IFRS 17 introduces a new measurement model of an insurance contract, replacing the IFRS 4. IAS 38 applies to all intangible assets included within its area of application (with some specific exclusions). IAS 36 requires an analysis being made of possible losses of value for all intangible assets. IFRS 3 foresees business combination transactions, for instance, control obtained of one or more corporate assets. IAS 12 governs the criteria for accounting of income taxes. IFRS 8 requires an entity to provide information allowing to assess the nature and effects on the financial statements of the business activities.

Keywords: IAS 39 Financial Instruments: Recognition and Measurement; Fair Value Through the Statement of Profit or Loss (FVTPL); Held To Maturity (HTM); Loans and Receivables (L&R); Available For Sale (AFS); Transaction date; Settlement date; Other comprehensive income (OCI); Fair value-hedge accounting; IFRS 7 Financial Instruments: Disclosures; IFRS 9 Financial Instruments; Solely Payment of Principal and Interest (SPPI); Fair Value Through the statement of Other Comprehensive Income (FVTOCI); Hold to collect; Hold to collect and sell; Held For Trading (HFT); Fair Value Option; Forward-looking expected loss; Impairment; Staging allocation; Hedge accounting; Expected credit loss impairment model; Deferral approach; Overlay approach; IFRS 4 Insurance Contracts; Insurance contract; Significant insurance risk; Discretionary participation; Unbundling; Liability Adequacy Test (LAT); Shadow accounting; Deposit accounting; Deferred Origination Costs (DOC); IFRS 17 Insurance Contracts; Building Block Model; Risk adjustment; Locked-in; Contractual service margin; Shock absorber effect; Premium Allocation Approach; Unearned premium; Variable fee approach; IAS 38 Intangible Assets; IAS 36 Impairment of Assets; Cash Generating Unit (CGU); IFRS 3 Business Combinations; Acquisition method; IAS 12 Income Taxes; IFRS 8 Operating Segments (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/978-3-319-52851-9_28

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