The sample includes insurers from the EU, UK, Norway, and Switzerland, selected by total assets and contract types. The outcomes are provided in the article First year’s application of IFRS 17 in the financial statements of European insurance companies which was published in the MAB (Maandblad voor Accountancy en Bedrijfseconomie). This article summarizes the key takeaways from this article.
THE TRANSITION FROM IFRS 4 TO IFRS 17
IFRS 17 significantly transforms insurance contract accounting, promising greater transparency and comparability. Released by the IASB in May 2017 and endorsed by the EU and UK, it addresses IFRS 4's shortcomings and potential accounting mismatches. This comprehensive transition offers a more insightful financial statement narrative, aiding informed stakeholder decisions. While complex, it aligns insurance accounting with economic realities, thereby improving financial statements.
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