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FRS 103 Insurance Contracts

Which version of the standard?

Guidance on the effective version of FRS 103 for different annual periods along with notes on amendments and early adoption are available exclusively to Corporate Reporting Faculty members – log in or find out how to join the faculty.

Current standard in issue

Amendments applicable from 1 January 2021

See the FRC's website for a full list of standards in issue and earlier publications, including previous versions of FRS 103, amendments and guidance.

Summary and timeline

Our FRS 103 summary and timeline tells you who is eligible to apply the standard – alongside a synopsis, any current proposals and a timeline of FRC updates relating to the standard.

ICAEW guides and support

Helpsheets and factsheets 

The UK financial reporting regime
Corporate Reporting Faculty, April 2023
This factsheet provides an overview of the UK accounting framework, which accounting standards are applicable, and the options that are available to different types of entity.

Annual factsheets

These exclusive factsheets, produced annually by the Corporate Reporting Faculty for its members, highlight all new and modified requirements for preparers of UK GAAP accounts. Each annual edition focuses primarily on new requirements with mandatory application for preparers with periods beginning on or after 1 January of that year.

2023 UK GAAP Accounts
Corporate Reporting Faculty, August 2023

2022 UK GAAP Accounts
Corporate Reporting Faculty, updated August 2023

2021 UK GAAP Accounts
Corporate Reporting Faculty, updated August 2022

2020 UK GAAP Accounts
Corporate Reporting Faculty, updated August 2021 

Bloomsbury Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising around 80 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Bloomsbury Accounting and Tax Service.

The Companies Act 2006 and UK Generally Accepted Accounting Practice
Steve Collings, Bloomsbury Professional (2023)
A chapter introducing the structure of UK and Ireland GAAP - part of a one-stop-shop guide by Steve Collings on all aspects of UK auditing standards and UK GAAP accounting standards. The chapter includes a short section on FRS 103.

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Access to eBooks is only available to ICAEW members and ACA students – please log in to view these titles.

FRS 103 – Insurance contracts
EY, UK GAAP 2019: Application of FRS 100–104 in the UK (2019)
Fully updated guide focusing on each area of the financial statement in detail with illustrative examples. This chapter gives a comparison of FRS 103 and IFRS, explains the definition of an insurance contract, embedded derivatives, unbundling of deposit components, discretionary participation features, presentation, recognition, measurement, insurance contracts acquired in business combinations and portfolio transfers, and disclosure. 

If you have any difficulties using these eBooks, please see our Help and support advice or contact library@icaew.com.

Ask ICAEW Technical Advisory Service

Get an opinion from the experts. Our experienced technical advisors can help you with your UK GAAP questions and offer practical advice. Call the advisory helpline on +44 (0)1908 248 250.

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