This page is our road map to IFRS
- whatever you are looking for we aim to show you in the right direction.
List of IFRS / IAS Regulations for financial reporting
IFRS 1 First-time Adoption of International Financial Reporting Standards
IFRS 2 Share-based Payment
IFRS 3 Business Combinations
IFRS 4 Insurance Contracts
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
IFRS 6 Exploration for and Evaluation of Mineral Resources
IFRS 7 Financial Instruments: Disclosures
IFRS 8 Operating Segments
IFRS 9 Financial Instruments
IFRS 10 Consolidated Financial Statements
IFRS 11 Joint Arrangements
IFRS 12 Disclosure of Interests in Other Entities
IFRS 13 Fair Value Measurement
IFRS 14 Regulatory Deferral Accounts
IFRS 15 Revenue from Contracts with Customers
IFRS 16 Leases
IFRS 17 Insurance Contracts
IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS 7 Statement of Cash Flows
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 Events after the Reporting Period
IAS 11 Construction Contracts
IAS 12 Income Taxes
IAS 16 Property, Plant and Equipment
IAS 17 Leases
IAS 18 Revenue
IAS 19 Employee Benefits
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 23 Borrowing Costs
IAS 24 Related Party Disclosures
IAS 26 Accounting and Reporting by Retirement Benefit Plans
IAS 27 Separate Financial Statements
IAS 28 Investments in Associates and Joint Ventures
IAS 29 Financial Reporting in Hyperinflationary Economies
IAS 32 Financial Instruments: Presentation
IAS 33 Earnings per Share
IAS 34 Interim Financial Reporting
IAS 36 Impairment of Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 38 Intangible Assets
IAS 39 Financial Instruments: Recognition and Measurement
IAS 40 Investment Property
IAS 41 Agriculture
For (re)insurance companies the following are the most relevant
Example of Balance Sheet and Profit & Loss Statement
This describes the company’s financial position at a specific date. That is, the valuation date.
In a simplified example it looks like this:
LIABILITIES & EQUITY
|TOTAL EQUITY & LIABILITIES||125|
This illustrates the companies financial performance over a certain period, usually a year.
PROFIT & LOSS
|PROFIT BEFORE TAX||60|
Example of notes to the Financial Statements
Financial statements comes with notes which provides narratives and “all” the details to the numbers.
Note 9 – Premiums
Technical Provisions under IFRS
There are some universal methods. Please find more info here.
Premiums is the main source of income for an insurance company. Insurers differentiate between written premiums and earned premiums. The former is the premiums that are contracted and usually paid for. The latter refers to the part that is earned in term of the risk exposure.
The so called “LAT” is an assessment of whether the carrying amount of an insurance liability needs to be increased (or the carrying amount of related deferred acquisition costs or related intangible assets decreased), based on a review of future cash flows.
It is part of the IFRS 4 regulation and is required to be performed at least annually.
The new standard IFRS 17 will change most of the above.