Which reflects amounts recognized in the financial statements of insurer relating to such insurance contracts, and IFRS 4: Insurance contracts. OBJECTIVE The objective of IFRS 4 is to specify the financial reporting for insurance contracts by any entity that issues such contracts (described in IFRS 4 as an insurer). IFRS 4 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements. SCOPE IFRS 4 applies to: • insurance contracts that an entity issues and reinsurance IFRS 10 outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. IFRS -4 : INSURANCE CONTRACTSOBJECTIVE OF STANDARD:x The objective of this IFRS is to specify the financial reporting for insurance contracts by any entity that issues such contracts (described in this IFRS as an insurer) until the Board completes the second phase of its project on insurance contracts. Its principal objectives are: to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRS Standards) based upon clearly articulated principles. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee. the Glossary for International Financial Reporting Standards. IFRS 4 – Insurance Contracts ObjectiveThis standard prescribes the guide lines for the accounting treatment of insurance contracts which are issued by entity as insurer along with related disclosure requirements:. ... the insurer’s objectives, policies and processes for managing risks arising from insurance contracts and the methods used to manage those risks. EC staff consolidated version as of 1 December 2009 Last EU endorsed/amended on 01.12.2009. IFRS 4 is applicable for annual reporting periods commencing on or after 1 January 2005. IFRS 4 (Phase II) objective is to deliver the first comprehensive IFRS on accounting for insurance contracts. In September 2016, the IASB issued Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' (Amendments to IFRS 4) to address concerns by preparers on implementing IFRS 9 before the new insurance standard, IFRS 17, is effective. In June 2010, IASB issued an exposure draft on phase II of the insurance accounting contract. Final IFRS 9 issued (July 2014) Original IFRS 9 effective date (January 1, 2018) Expiry of IFRS 9 transition options for insurers (the earlier of IFRS 4 Phase II becoming effective or January 1, 2021) Final IFRS 4 Phase II expected (During 2016) Anticipated effective date of IFRS 4 Phase II (January 1, 2020 or 2021) IFRS 4 Phase II . 1The objective of this IFRS is to specify the financial reporting for insurance contracts by any entity that issues such contracts (described in this IFRS as an insurer) until the Board completes the second phase of its project on insurance contracts.. Save for later This new accounting model is based on a transparent approach that uses current measures and accounts for profit as insurers fulfill their obligations towards their policyholders. IFRS 4 is Phase I of the accounting standards on insurance accounting. IFRS 10 was issued in May 2011 and applies to annual periods beginning on or after 1 January 2013. They always require the best IFRS consultants. 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