The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has released today the Report ‘From black box to open book?’. This report includes recommendations to assist issuers when preparing their annual financial statements.
This Report provides:
An overview of ESMA’s and National Competent Authorities’ (NCAs) observations regarding the first-time application of the International Financial Reporting Standard (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.
