01/29/2021 | News release | Distributed by Public on 01/29/2021 03:59
ESMA endorses IFRS 17 insurance contracts
The European Securities and Markets Authority (ESMA), the EU s securities markets regulator, has today published its response to the European Financial Reporting Advisory Group s (EFRAG) consultation on its draft advice on the endorsement into European law of the new international accounting standards for insurance contracts (IFRS 17). ESMA supports the endorsement of IFRS 17 which will provide a consistent system of requirements to account for insurance and reinsurance contracts.
ESMA s response to the consultation indicates that a key role in promoting greater transparency and consistency in accounting for insurance contracts in accordance with IFRS 17 is played by the principles for the aggregation of contracts that form an integral part of the new measurement model. ESMA recommends that EFRAG consider these aspects when finalising its advice, including the requiremen