On 14 March 2023, the IFRS Interpretations Committee (IFRS IC) considered the accounting for premiums receivable from an intermediary. The issue is whether an insurer should remove the premiums receivable from the measurement of a group of insurance contracts under IFRS 17, and instead recognise a separate financial asset under IFRS 9 when, once the policyholder pays the premiums to the intermediary, the insurer is obliged to provide the insurance service to the policyholder. The IFRS IC tentatively decided that there are two acceptable approaches and that the premium receivable could be accounted for under either IFRS 17 or IFRS 9. The tentative decision will be subject to a 60-day public consultation period.

IFRS 17 affects more than just insurance companies

GX In depth INT2022-14

The application of IFRS 17 is expected to have a pervasive effect on the financial statements of insurers. See #PwC's Guide to assist audit committees to evaluate and challenge management's assessment relating to the key judgements needed in applying IFRS 17.

GX In the Spotlight

Prior to applying IFRS 17 in the 2023 year end financial statements, many insurers will produce 2022 interim financial statements, IAS 8 disclosures in their 2022 year end financial statements, and subsequently 2023 interim financial statements.

GX In depth INT2022-03

This publication focuses on financial reporting by insurance companies in the periods subsequent to the adoption of IFRS 17, Insurance Contracts, and IFRS 9, Financial Instruments.It does not address all the disclosure requirements of IFRS but instea