Съвременни аспекти на разходите по издадени застрахователни договори
Contemporary Aspects of Expenses under Issued Insurance Contracts

Author(s): Nadya Koteva
Subject(s): Economy, Law, Constitution, Jurisprudence, Business Economy / Management, Accounting - Business Administration, Socio-Economic Research, Commercial Law
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: insurers; IFRS 17 "Insurance contract"; financial reports; accounting; expenses
Summary/Abstract: This study focuses on the significant transformations in the reporting of expenses in relation to issued insurance contracts and the requirements for their presentation in the financial statements of insurance companies. The emphasis is placed on the main changes to the presentation of expenses in the profit and loss statement, originating from the introduction of IFRS 17 “Insurance contract” in the Bulgarian insurance sector from the beginning of 2023. Research of the fundamental change for expanded requirements for differentiated prepayment of the expenses of insurance services compared to the other expenses of the insurance company was made. The application of the concept of separate presentation of the expenses of insurance services is a new moment in the financial reporting of insurers and it is expected to provide reliable information about the profitability of the insurance company, which is relevant for making economic decisions. A comparative analysis of the reporting and presentation of expenses under insurance contracts with the applied model until the entry force of IFRS 17 “Insurance contracts” was made.

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