FRC publishes review of IFRS 17 ‘Insurance Contracts’ interim disclosures in the first year of application

FRC publishes review of IFRS 17 ‘Insurance Contracts’ Interim Disclosures in the First Year of Application. The FRC issued its thematic review on IFRS 17 interim disclosures on 15 November. The FRC's review identified how companies can improve their IFRS 17 interim disclosures and provides a timely reminder of expectations for year end disclosures.

In the Spotlight - Determining CSM allocation using coverage units

IFRS 17, ‘Insurance Contracts’, introduces the concept of ‘coverage units’ for determining how an insurer allocates to different reporting periods the expected profit for providing insurance contract services (that is, the contractual service margin).