Имплементиране на МСФО 17 Застрахователни договори от застрахователните дружества
Implementation of IFRS 17 Insurance Contracts by Insurance Companies

Author(s): Atanaska Filipova-Slancheva
Subject(s): Economy, Business Economy / Management, Accounting - Business Administration
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: insurance companies; IFRS 17 Insurance contracts; implementation; transition; stages of transition
Summary/Abstract: The implementation of IFRS 17 Insurance Contracts has presented insurance companies with major challenges. Upon initial application of IFRS 17 Insurance Contracts, insurance assets and liabilities should be reviewed by insurers in terms of their correct classification into specific categories based on the objectives of the business model under which they will be managed and their agreed cash flows. The purpose of this paper is to present in general the approach of implementing standard IFRS 17 Insurance contracts by insurers, while distinguishing the following six transition stages: identification of the transition process; development of an accounting policy regarding the reporting of insurance contracts; development of a system of accounts for accounting of insurance contracts; reclassification of insurance contracts when switching to the standard; calculation of the effect of reclassification of insurance assets and liabilities; presentation and disclosure of the applicable basis of accounting and the effects of the transition process.

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