FRS 103
From ACT Wiki
UK and Irish accounting.
Financial Reporting Standard 103, 'Insurance Contracts', which deals the consolidated accounting and reporting requirements for entities in the UK and Republic of Ireland whose activities include issuing insurance.
FRS 103 applies to reporting periods starting on or after 1 January 2015.
FRS 103 is relevant to entities applying FRS 102 (whether or not they are ‘insurance companies’) regarding both:
- Insurance contracts that the entity issues, and
- Reinsurance contracts that the entity holds.
