UAE – Ins. Authority holds a meeting on IFRS17
Tuesday, 06 23 2020, Category: Financial, Country: U.A.E
The Insurance Authority held the first meeting of the Sector Work Team, regarding the International Financial Reporting Standard related to insurance contracts IFRS 17.The meeting discussed the team’s goals, scope of work and goals, and the goals of implementing the new standard, “IFRS 17”, and the most prominent challenges facing insurance companies ’preparations to implement its requirements under the Corona pandemic.
The meeting was attended by the Authority’s technical, financial and actuarial oversight team, in addition to members from the Emirates Insurance Association, members of the team representing insurance companies, and a number of external auditing and actuarial firms in the country.
IFRS 17, issued by the International Accounting Standards Board / IASB / in May 2017, is a new comprehensive accounting standard for insurance contracts, which will become effective for annual reporting periods beginning in or after 2023, with permission Early application, bearing in mind that the annual reports for the year 2023 include the financial statements for the year preceding “2022”.