Insurance Contracts (IFRS 17)

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Insurance Contracts (IFRS 17) by Mind Map: Insurance Contracts (IFRS 17)

1. Quick Overview

1.1. Mind map

1.2. Summary

2. Scope and definitions

2.1. Scope

2.2. Key definitions

3. Recognition and measurement

3.1. Level of aggregation of insurance contracts

3.2. Initial recognition of an insurance contract

3.3. Insurance acquisition cash flows

3.4. Overview of measurement

3.4.1. Building block approach

3.4.2. Premium allocation approach

3.5. Initial measurement of insurance contracts

3.5.1. Estimates of future cash flows

3.5.2. Discount rate

3.5.3. Risk adjustment for non-financial risk

3.5.4. Contractual service margin

3.5.5. Onerous contracts - initial measurement

3.6. Subsequent measurement

3.6.1. Measuring the contract liability

3.6.2. Remeasuring fulfilment cash flows

3.6.3. Contractual service margin - subsequent measurement

3.6.3.1. Recognition of contractual service margin in profit or loss

3.6.4. Measuring insurance revenue

3.6.5. Onerous contracts

3.7. Premium allocation approach

3.7.1. Initial recognition

3.7.2. Initial measurement

3.7.3. Subsequent measurement

3.7.4. Insurance revenue under the premium allocation approach

3.7.5. Onerous contracts

3.8. Modifications to the IFRS 17 measurement approach

3.8.1. Reinsurance contracts held

3.8.2. Insurance contracts with direct participating features

3.8.2.1. Risk mitigation

3.8.3. Investment contracts with discretionary participating features

3.9. Contract modifications and derecognition

3.9.1. Insurance contract derecognition

3.9.2. Insurance contract modification

4. Presentation and disclosure

4.1. Presentation in the statement of financial position

4.2. Recognition and presentation in the statement(s) of financial performance

4.2.1. Insurance service result

4.2.2. Insurance service expenses

4.2.3. Insurance finance income or expenses

4.2.3.1. Changes in assumptions that relate to financial risk do not have a substantial effect on the amounts paid to the policyholders

4.2.3.2. Changes in assumptions that relate to financial risk have a substantial effect on the amounts paid to the policyholders

4.2.4. Presentation of reinsurance contracts held

4.3. Disclosure

4.3.1. Explanation of recognised amounts

4.3.1.1. Liability reconciliations

4.3.1.2. Future cash flow, risk adjustment and contractual service margin reconciliations

4.3.1.3. Additional disclosures

4.3.1.4. Insurance acquisition cash flow reconciliation

4.3.1.5. Insurance finance income or expenses

4.3.2. Significant judgements in applying IFRS 17

4.3.3. Nature and extent of risks that arise from contracts within the scope of IFRS 17

5. Current issues and further resources

5.1. Transition to IFRS 17

5.1.1. Full retrospective approach

5.1.2. Modified retrospective approach

5.1.2.1. Assessments at inception or initial recognition

5.1.2.2. Determining the contractual service margin or loss component for groups of insurance contracts without direct participation features

5.1.2.3. Insurance acquisition cash flows

5.1.2.4. Reinsurance contracts held

5.1.2.5. Determining the contractual service margin or loss component for groups of insurance contracts with direct participation features

5.1.2.6. Insurance finance income or expenses

5.1.3. Fair value approach

5.1.3.1. Asset for insurance acquisition cash flows

5.1.3.2. Insurance finance income or expenses

5.1.3.3. Reinsurance contracts held

5.1.4. Transition disclosures

5.1.5. Comparative information

5.1.6. Interaction with IFRS 9 Financial Instruments

5.2. Covid-19 considerations

5.2.1. Insurance and reinsurance contracts

5.2.2. Impairment of financial assets

5.2.3. Fair value measurement

5.2.4. Disclosures

5.2.5. IFRS 17 implementation

5.3. Climate-related risks

5.4. Future amendments

5.5. Reporting framework differences

5.5.1. FRS 103 difference

5.5.2. FRS 101 differences

5.6. IFRS Interpretations Committee agenda

5.6.1. Interpretations issued

5.6.2. Agenda decisions

5.7. Further resources

5.7.1. IFRS Checklist

5.7.2. Insurance Brokers Sector Guide

5.7.3. Company Secretaries and Directors Guide