ESMA issues Statement on recommendations for disclosures of expected impacts of IFRS 17 implications

ESMA has released a public Statement on ‘Transparency on implementation of IFRS 17 Insurance Contracts’. 

The Statement highlights the importance of issuers accompanying users of their financial statements, so that they understand the expected accounting implications of application of IFRS 17. The recommendations provided in the Statement cover the disclosures of expected impacts of the initial application of IFRS 17 in the interim and annual financial statements for 2022.

The Statement may be accessed here.