Insurers: Illustrative disclosures - KPMG Bulgaria
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Insurers: Illustrative disclosures

Insurers: Illustrative disclosures

Your essential KPMG guide to preparing financial statements under IFRS 17 and IFRS 9.


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The upcoming implementation of IFRS 17 and IFRS 9 is now an important topic on the agenda of EU insurers in view of the magnitude of change and the expected challenges.

To help insurers implement the new rules and prepare, we are pleased to present KPMG’s Guides to financial statements illustrating one possible format for financial statements prepared under IFRS.

This guide (PDF 2.8 MB) is based on a fictitious multinational insurer that is not a first-time adopter of IFRS. It illustrates example disclosures for an annual period beginning on 1 January 2021, when IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments are applied for the first time. It assumes that the temporary exemption from IFRS 9 was applied before 1 January 2021.

IFRS 17 is a new and complex standard, and the interpretation of its requirements is subject to ongoing discussions. This guide does not pre-empt this process. Instead, it aims to help insurers understand the disclosure requirements so that they can consider these requirements in planning their implementation project.

Better communication

Investors continue to ask for a step-up in the quality of business reporting, so insurers, in common with other entities, should be careful not to become buried in compliance to the exclusion of relevance. In preparing their financial statements, entities need to focus on improving their communication by reporting financial information in a meaningful way and innovating their financial statement presentation and disclosure in the broader context of better business reporting. For more information, see our Better business reporting website.

Find out more

For KPMG's insights on transitioning to the new standard, visit our IFRS – Insurance hot topics page.Follow 'KPMG IFRS' on LinkedIn for the latest on IFRS. 

© 2019 KPMG Bulgaria OOD, a Bulgarian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.



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