Author: Tim Brown

FRC publishes review of companies’ IFRS 17 disclosures

The Financial Reporting Council has published a thematic review of companies’ first-time application of International Financial Reporting Standards 17. IFRS 17, which started to take effect from 1 January 2023, changes the way that companies recognise and measure the value of insurance contracts on their IFRS balance sheet. Perhaps most significantly, IFRS 17 requires companies to recognise profits or losses as they deliver their insurance services, rather than when they receive premiums or incur expenses.