December 2023
The FRC recently published its thematic review of companies’ first-time application of IFRS 17, a new and fundamental change in accounting for insurance contracts.
While the FRC identified examples of good practice, there is scope for improvement under IFRS 17 in the following key areas:
- Providing quantitative and qualitative disclosures, that are company-specific, enabling users to understand how insurance contracts are measured and presented in the financial statements.
- Ensuring that accounting policies are sufficiently granular and provide clear, consistent explanations of accounting policy choices, key judgements and methodologies, particularly where IFRS 17 is not prescriptive.
- Avoiding any boiler plate wording – narrative should always reflect the company’s particular circumstances.
Find out more
here.
Source: www.frc.org.uk