Highlights
Following our analysis on the听key themes听arising from many insurers鈥� investor education sessions in 2022, we now focus on the disclosures in 2022 annual financial statements on implementing the new accounting standards, IFRS 17听Insurance Contracts听and IFRS 9听Financial Instruments.
What does our analysis show?
From our听听of 60 insurers鈥� 2022 financial statement disclosures in four key areas, some of our key findings include the following.
| Focus area | Key finding |
|---|---|
Disclosures under IAS 8听Accounting Policies, Changes in Accounting Estimates and Errors | All insurers disclosed the key accounting policies they expect to apply under IFRS 17 and IFRS 9, but the level of detail varied widely |
Restatement of the opening balance sheet | Many insurers disclosed the expected impact on opening equity |
Restatement of 2022 comparatives | Many insurers aim to provide restated 2022 comparatives before or together with their first interim report |
Ongoing IFRS 17 and IFRS 9 reporting | Some insurers report the expected impact on restated profitability in 2022 and key performance indicators (KPIs) |
听
A sufficient number of insurers reported on these areas to allow a meaningful comparison of accounting policies under IFRS 17 and IFRS 9 and their financial impact.听However, most expect their impacts may potentially change.
What鈥檚 next?
Use听听to identify and benchmark the key information for your first round of reporting under IFRS 17 and IFRS 9.听
Visit and bookmark our听Real-time IFRS 17听page for more information and look out for the next issue in our real-time IFRS 17 series on some insurers鈥� first quarter 2023 results.
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