What is the IFRS accounting standard for insurance companies?
1. extensive disclosures must be made in relation to insurance risk management, interest & credit risk info, terms & conditions of insurance contracts and the impact on future cash flows
2. insurance liabilities must be kept on an insurers balance sheet until they are discharged, cancelled or expire
3. insurance liabilities must be kept on the insurer's balance sheet without off-setting them against related reinsurance assests
4. a test for the adequacy of recognised insurance liabilities
5. an impairment test for reinsurance assests
6. provisions for possible claims under contracts that are not in existence at the reporting date (such as catastrophes) are not permitted on the balance sheet.