We've updated our illustrative disclosures for insurers to reflect the June 2020 amendments to IFRS 17 Insurance Contracts and other developments, writes Brian Morrissey, Head of Insurance & Actuarial at KPMG in Ireland.
This guide illustrates one possible format for financial statements for an annual period beginning on 1 January 2023, when IFRS 17 and IFRS 9 Financial Instruments are applied for the first time.
IFRS 17 is a complex standard, and the interpretation of its requirements is subject to ongoing discussions. This guide does not pre-empt that process. Instead, it aims to help you to understand the disclosure requirements as you plan your implementation.
For further details on IFRS 17 or IFRS 9, contact Brian Morrissey, Head of Insurance, via this form.