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Insurers – Illustrative disclosures

Insurers – Illustrative disclosures

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

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

Your essential guide to disclosures for insurers

Our Guides to financial statements help you to prepare financial statements in accordance with IFRS® Standards by illustrating one possible format.

Our illustrative disclosures for insurers are based on a fictitious multinational insurer that is not a first-time adopter of IFRS Standards. This edition (PDF 3 MB) illustrates example disclosures for an annual period beginning on 1 January 2023, 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 2023.

This edition reflects standards in issue at 31 August 2020 that are required to be applied by a company with an annual period beginning on 1 January 2023, including the amendments to IFRS 17 published in June 2020. Major changes since the previous edition of this guide (2018) have been clearly identified.

IFRS 17 is a complex standard, and the interpretation of its requirements is ongoing. This guide does not pre-empt that process. Instead, it aims to help you to understand the disclosure requirements as you plan your implementation.


Explain the changes

As you apply IFRS 17 and IFRS 9 for the first time, you will have a valuable opportunity to think through how best to explain the changes and their effects.

The quality and clarity of explanations of changes in accounting policies and their impacts are critical. Investors and other stakeholders will be keenly interested in disclosures of key judgements and estimates.


Find out more

For KPMG's insights on transitioning to IFRS 17, visit our IFRS Standards – Insurance hot topics page.

Follow 'KPMG IFRS' on LinkedIn and check out IFRS Today for the latest on IFRS Standards. 

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