Alerts





 
European Insurers’ IFRS 9 Benchmark Study

August 3, 2018

The new standard IFRS 9 on financial instruments has been effective starting 1st January 2018 for most entities but insurance groups have the possibility to defer its application to 2021, the year when the new standard IFRS 17 on insurance contracts will enter into force.

IFRS 9 introduces numerous changes (Phase 1/ classification, Phase 2/ impairment, Phase 3/ hedge accounting, disclosures) and its implementation is complex.

We chose to study the 2017 year-end financial reports of 16 European insurance and reinsurance Groups with the aim of identifying trends, progress and the impact they expect on their financial statements when first applying IFRS 9, and sources of these impacts.

Our Sample 

We also had a look at a sample of European bank insurers to see whether they are planning to defer the application of IFRS 9 for their insurance activities.

Our Findings regarding (re)insurers      

Impact of Different Phases

We have also analysed the expected IFRS 9 impacts by phases that (re)insurers had opted for deferral to 2021. Among the 5 groups distinguishing between the impacts of different phases* of IFRS 9, the main findings are as follows:

*Phase 1 of the standard introduced new requirements for the classification and measurement of financial instruments;

Phase 2 of the standard introduced new impairment principles;

Phase 3 of the standard introduced new rules for hedge accounting

 


Related Posts
WEBCAST | Real Estate October 25, 2018 | 12 PM EDT Donald Zief | Managing
Video Interview with Sponsors and Mentors in 2018 Be Visible | [email protected] | Mazars Culture
ROUNDTABLE | Real Estate | Construction November 15, 2018 | Philadelphia, PA Learn more about





Publications Industries Perspectives About Us Locations Contact Us



     
     
     
  PUBLICATIONS  
  Alerts  
  Surveys  
  White Papers  
  The Ledger  
     
  INDUSTRIES  
  Banking  
  Financial Services  
  Healthcare  
  Not for Profit  
  Real Estate  
     
  PERSPECTIVES  
  The Good Bank  
  Commitement Letter  
 
       Sign up to receive Mazars USA The Ledger

 
 


Mazars USA LLP is an independent member firm of Mazars Group.

Legal and privacy policy    Contact us    Terms and Conditions

 



     
     
     
  PUBLICATIONS  
  Alerts  
  Surveys  
  White Papers  
  The Ledger  
     
  INDUSTRIES  
  Banking  
  Financial Services  
  Healthcare  
  Not for Profit  
  Real Estate  
     
  PERSPECTIVES  
  The Good Bank  
  Commitement Letter  
 
       Sign up to receive Mazars USA The Ledger

 
 


Mazars USA LLP is an independent member firm of Mazars Group.

Legal and privacy policy    Contact us    Terms and Conditions