Revised edition of FRS 103 Insurance Contracts
13 February 2017
The Financial Reporting Council has today issued a revised edition of FRS 103 Insurance Contracts and the accompanying Implementation Guidance (PDF).
This revised edition incorporates the amendments arising as a result of Solvency II that were issued in May 2016. In addition paragraph A4.2A clarifies a legal requirement regarding a reference to the Solvency II Directive in the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410), on which the Department for Business, Energy and Industrial Strategy (BEIS) has written to the FRC confirming that there is no requirement to change the accounting basis to one consistent with Solvency II.