ESMA releases report on first application of IFRS 17 Insurance Contracts
ESMA releases report on first application of IFRS 17 Insurance Contracts
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has released a report titled ‘From black box to open book?’.
The report provides:
The report provides:
- An overview of ESMA’s and National Competent Authorities’ (NCAs) observations regarding the first-time application of IFRS 17 Insurance Contracts in the 2023 financial statements of a sample of European insurance companies.
- Examples of disclosures which may enable issuers to visualise the application of certain IFRS 17 requirements.
- Recommendations to issuers on how the IFRS 17 disclosures can be improved.