somes

Implementation of IFRS 17 Insurance Accounting Standards

Summary

The motion discusses the implementation of the new international accounting standard for insurance contracts (IFRS 17) in the EU, weighing its benefits for transparency against risks to financial stability and costs for SMEs.
10 03.10.2018
Other
finance
economy
business and competition

Key points

In force from 01/01/2021
  • The motion addresses the transition toward a new international accounting standard specifically for insurance contracts.
  • The new standard aims to improve transparency and allow for better comparison of financial reports across the insurance industry.
  • There are significant concerns regarding high implementation costs and increased administrative burdens, particularly for smaller companies.
  • The shift from historical cost to current value accounting could potentially lead to higher volatility in financial markets.
Documents (PDFs)
MOTION FOR A RESOLUTION on International Financial Reporting Standards: IFRS 17 Insurance Contracts International Financial Reporting Standards: IFRS 17 Insurance Contracts
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