Effects of the implementation of IFRS 17 „Insurance Contracts“ in the accounting system of insurers
The article presents the main aspects of the new regulations in the accounting of insurance activity. The established financial reporting framework is being transformed on the basis of fundamental changes in regulatory and regulatory requirements. The basis of the started change is the transition to generally accepted rules for accounting for insurance contracts through the implementation of the new IFRS 17 “Insurance Contracts”. The update creates conditions for increasing the opportunities for comparability of information from the accounting systems specific to individual countries and is directly related to the growing trend of globalization in the insurance sector.
2. IFRS 4 – Insurance Contracts, History of IFRS 4, Available at https://www.iasplus.com/en/standards/ifrs/ifrs4
3. PWC 2020, IFRS 17, Available at https://www.pwc.bg/bg/publications/assets/publications-2020/PwCBulgaria_IFRS17Brochure_BG.pdf
4. IFRS 2021, IASB proposes minor amendment to transition requirements for insurers applying IFRS 17 and IFRS 9 for the first time, Available at https://www.ifrs.org/news-and-events/news/2021/07/iasb-proposes-minor-amendment-ifrs-17-and-ifrs-9/
5. Commission regulation (EC) № 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) № 1606/2002 of the European Parliament and of the Council, Official Journal of the European Union, L320/1, 29.11.2008, Available at https://eur-lex.europa.eu/legal-content/bg/TXT/?uri=CELEX%3A32008R1126
6. IFRS 4 Insurance Contracts, Commission regulation (EC) № 1126/2008 of 3 November 2008
7. IFRS 9 Financial Instruments, Commission regulation (EC) № 2016/2067 of 22 November 2016 amending Regulation (EC) № 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) № 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard 9, Official Journal of the European Union, бр. L321/1, 29.11.2016, § 4.1.1.
8. IFRS 17 Insurance Contracts, IFRS Foundation, Available at https://www.ifrs.org/
9. Article 113 (1) on Insurance Code, effective from 01.01.2016
10. IFRS 17 In detalis, 2020, PricewaterhouseCoopers (PwC)
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