Insurers – Reporting now and into 2023

Global Corporate Reporting Institute | IFRS Today | Insurance

Highlights

As many insurers prepare for the January 2023 implementation date of IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments, they should ensure that they communicate the possible impacts of these standards on their financial statements.

Bob Owel

Associate Partner

KPMG International

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Stakeholders are curious to understand how these new standards impact your financial statements. Providing transparent and timely information in the lead into 2023 can demonstrate to stakeholders you are both ready and in control.

Bob Owel

Global IFRS Insurance Contracts Deputy Leader

What's the issue?

IFRS 17 and IFRS 9 will bring significant change to financial reporting for insurers.

Pre-transition disclosures on the impact of these standards will be required in 2022 annual financial statements.

Investors, regulators and other stakeholders will expect these to be robust. Therefore, providing timely and useful information will be critical.

What's the impact?

Reporting in the new era will be more transparent and comparable.

Inadequate pre-transition disclosures in insurers’ 2022 annual financial statements could send a loud and clear message that they are not ready.

2023 interim and annual financial statements may look completely different from those published in 2022.

What’s next?

Identify known or reasonably estimable information for reporting in your pre-transition disclosures this year end.

Consider what additional information you may need to provide to meet stakeholder expectations.

Our seven-step action plan (PDF 600KB) can help you prepare for your 2023 interim and annual financial statements now.