Insurance contract is a contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder. How is accounting treatment for insurance contract? This post describes accounting standard for insurance contract with case example, adapted from IFRS 4, “Insurance Contract”. This post and [other post related to IAS & IFRS] are not proposed to replace the existing [...]