FRS 103 Insurance Contracts
FRS 103 consolidates the financial reporting requirements and guidance for 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 Financial Reporting Faculty members – log in or find out how to join the faculty.
For annual periods from 1 January 2019
- FRS 103 Insurance Contracts (March 2018)
- Implementation Guidance to FRS 103 (March 2018)
- Triennial review 2017 amendments (December 2017)
For annual periods before 1 January 2019
- FRS 103 Insurance Contracts (February 2017)
- Implementation Guidance to accompany FRS 103 Insurance Contracts (February 2017)
- Letter from the Department of Business, Energy and Industrial Strategy to the FRC – Solvency II clarification (February 2017)
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 🔒
Financial Reporting Faculty, January 2017
This factsheet provides an overview of the UK financial reporting regime that came into effect on 1 January 2015, with further changes for small and micro-entities for 2016.
These exclusive factsheets, produced annually by the Financial 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.
2019 UK GAAP Accounts 🔒
Financial Reporting Faculty, January 2020
2018 UK GAAP Accounts 🔒
Financial Reporting Faculty, June 2018
2017 UK GAAP Accounts 🔒
Financial Reporting Faculty, June 2017
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.
Steve Collings, UK GAAP financial statement disclosures manual (2016)
A practical manual for preparing new UK GAAP-compliant disclosures. This chapter discusses IFRS 4, accounting policies, and disclosure requirements for FRS 103.
Some guides and comparisons that we link to may pre-date the latest amendments to this standard. While these resources contain useful information, please treat them with appropriate caution.
Illustrative financial statements for a general insurance group
PwC, January 2016
Consolidated financial statements produced by PwC for a fictional insurance group applying FRS 102 and FRS 103, with year end 31 December 2015. Includes an illustrative auditor's report.
Manuals and handbooks
The ICAEW Library stocks the latest UK GAAP handbooks and manuals. You can browse all our books on FRS 103 or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at firstname.lastname@example.org
Manual of accounting: UK GAAP
PwC, Lexis Nexis, 2019
Practical guide with worked examples explaining the requirements of FRS 100, FRS 101, FRS 102, FRS 103, FRS 104 and FRS 105. This edition has been updated for changes from the triennial review issued in December 2017.
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