FRC AMENDS FRS 103 INSURANCE RULES

摘要

Newly issued amendments to FRS 103 Solvency Ⅱ may have a direct impact on financial reporting, in relation to equalisation provisions, the Financial Reporting Council (FRC) said. The FRS 103 amendments update the terminology and definitions used for changes in the regulatory framework. These ensure that established accounting policies can continue to be applied. As such, an entity can apply its judgment and choice over the extent to which the changes in the regulatory framework impact on its financial reporting. These amendments should not result in additional costs for entities.