ESMA makes recommendations for disclosures of expected impacts of IFRS 17 application

Published By Europa [English], Fri, May 13, 2022 3:27 AM

The Statement highlights the importance of issuers accompanying users of their financial statements, so that they understand the expected accounting implications of the new Standard’s application.

ESMA’s recommendations cover the disclosures of expected impacts of the initial application of IFRS 17 in the interim and annual financial statements for 2022. ESMA expects management and supervisory boards members and auditors to take into account these recommendations, when fulfilling their respective obligations relating to the issuer’s interim and annual financial statements 2022.

In line with past major standards (IFRS 9 and IFRS 15), in the year prior to their effective date ESMA provides a roadmap to help issuers in providing the disclosures on expected impacts of new, but not yet effective, standards, as required by IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

Next steps

ESMA, and the National Competent Authorities, will consider how the recommendations in the Public Statement have been implemented by issuers in their interim and annual financial statements 2022.

Further information:

Solveig Kleiveland

Senior Communications Officer

Tel: +33 (0)1 58 36 43 27

Email: [email protected]

Press release distributed by Wire Association on behalf of Europa, on May 13, 2022. For more information subscribe and follow Europa

Eric Mamer

Chief Spokesperson
[email protected]
+32 2299 4073

Chief spokesman @vonderleyen Commission. En français sur @MamerEric2

Dana Spinant

Deputy Chief Spokesperson
[email protected]
+32 2299 0150

Deputy chief spokeswoman and Director for Political Communication for @EU_Commission.