WG 52 Insurance Contracts

Chairman : Mr. Ken Pushpanathan; Project Manager : Ms. Angie Wong

WG 52 was responsible for reviewing and deliberating FRS 4 Insurance Contracts. This Standard prescribes the financial reporting requirements for insurance contracts by any entity that issues such contracts but covers only limited improvements to accounting for insurance contracts until the IASB completes the second phase of its project on insurance contracts. This Standard also requires disclosure that identifies and explains the amounts in an insurer's financial statements arising from insurance contracts that helps users of those financial statements understand the amount, timing and uncertainty of future cash flows from insurance contracts. This Standard replaces FRS 2022004 General Insurance Business and FRS 2032004 Life Insurance Business, when adopted. 

WG 52 is also responsible for reviewing discussion papers and exposure drafts relating to IFRS 17 Insurance Contracts, which was issued by the IASB in 2017 to replace IFRS 4. The new Standard on Insurance Contracts provides a single accounting model that measures insurance contracts using current estimates so that investors from anywhere in the world can understand and compare the financial positions and performances of companies that issue insurance contracts in any country.