ESMA publishes a report on first application of IFRS 17 Insurance Contracts

25/10/2024

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has released today the Report ‘From black box to open book?’. This report includes recommendations to assist issuers when preparing their annual financial statements.

This Report provides:

An overview of ESMA’s and National Competent Authorities’ (NCAs) observations regarding the first-time application of the International Financial Reporting Standard (IFRS) 17 Insurance Contracts in the 2023 financial statements of a sample of European insurance companies.
Examples of disclosures which may enable issuers to visualise the application of certain IFRS 17 requirements.
Recommendations to issuers on how the IFRS 17 disclosures can be improved.

Next steps

ESMA considers that this document, together with the recently published European Common Enforcement Priorities (ECEP) Statement, will assist issuers, auditors, and supervisory bodies in the process of improving 2024 annual financial reports and help investors to better understand these reports.

Vissza a tetejére

The primary objective of the MNB shall be to achieve and maintain price stability. (...) Without prejudice to its primary objective, the MNB shall support the maintenance of the stability of the system of financial intermediation, the enhancement of its resilience, its sustainable contribution to economic growth; furthermore, the MNB shall support the government’s economic policy and its policy related to environmental sustainability, using instruments at its disposal.