Yesterday, February 15, 2022, IVASS put in public consultation document no. 2/2022 which illustrates the proposed amendments to the rules necessary following the introduction of IFRS 17 (Insurance contracts), endorsed in European legislation with the Commission Regulation (EU) 2021/2036 of November 19, 2021.
The peculiarity of the new accounting standard, which in fact drastically changes the method of preparing the consolidated financial statements, required, as specified in the report to the proposed regulation, important interventions:
- a) updating the balance sheet, income statement, comprehensive income statement, cash flow statement (direct and indirect method) to take into account, above all, the changes introduced by IFRS 17;
- b) the inclusion in the Explanatory Notes of new information prospectuses/tables to regulate in a harmonized manner the information deemed by the IASB itself key elements for understanding insurance balance sheets;
- c) the integration of the information required by the current prospectuses/tables of the explanatory notes with further details required by the accounting standards to which they refer, in order to make them fully or more corresponding with the disclosure contemplated by the IAS/IFRS; the replacement, in some cases, of the current information prospectuses of the explanatory notes with new tables more consistent with the provisions of the IAS/IFRS; the introduction of a limited number of new items and tables of the explanatory notes referring to the disclosure required by other IAS/IFRS.
By clicking HERE you can find the published document.
Enjoy the reading.