Overview
IFRS 17 Insurance contracts (“IFRS 17”) has changed the measurement and presentation of insurance contracts and requires comparatives of financial statements to be restated. The implementation process has required a lot of effort from actuaries, accountants and other staff to get to the end goal of presentation and disclosure in the financial statements since IFRS 17 came into effect for financial years beginning on or after 1 January 2023.
The key objective of the IFRS 17 disclosure requirements is to allow users of financial statements to assess the effect that insurance contracts within the scope of the standard have on the entity’s financial position, financial performance and cash flows. By specifying the objective of the disclosures, the IASB aimed to ensure that entities provide the information that is most relevant for their circumstances and to emphasise the importance of communication to users of financial statements rather than pure compliance with detailed and prescriptive disclosure requirements.
Our report provides a set of illustrative financial statements that will help Medical Schemes on their final stages of the IFRS 17 presentation and measurement journey, based on the requirements of the IFRS 17 standard as published and amended by the International Accounting Standards Board (IASB) in June 2020.
Contact us
Johannes Grove
Director | Medical Schemes Industry Leader, PwC South Africa
Tel: +27 (0) 11 797 4044
