On March 31, 2004, the IASB unveiled "IFRS 4--Insurance Contracts," which splits the insurance industry's entry into IFRS into two phases and gives insurers several options as to how to account
for their liabilities.
9-Receipts At Electronic Terminals; Periodic Statements, under 9(c) Exceptions to the Periodic Statement Requirements for Certain Accounts, a new heading, Paragraph 9(c)(1)-Preauthorized Transfers to Accounts
is added and new paragraphs 1.
Letter-of-credit operations, conducted in all Reserve Banks, are basically manual processes to account
for balances, verify requests for payment, and verify the actual payments.
In fact, the Board's Regulation Q has for many years required disclosure of account terms in advertisements, and institutions covered by the regulation have been encouraged to make schedules of their fees available to account