IFRS 4 – Insurance Contracts

Scope IFRS 4 Insurance Contracts applies, with limited exceptions, to all insurance contracts (including reinsurance contracts) that an entity issues and to reinsurance contracts that it holds. IFRS 4 was issued in March 2004 and applies to annual periods beginning on or after 1 January 2005. Definition of insurance contract An insurance contract is a "contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to…

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