IFRS 17 – Insurance contracts: get ready

Ten years after the publication of the first discussion paper on insurance contracts, the new International Financial Reporting Standard (IFRS) 17 was published on 18 May 2017. It is now effective for annual reporting periods beginning on or after 1 January 2023.

IFRS 17 represents the most significant change to insurance accounting in decades.

Under the new standard, the measurement and accounting principles for insurance liabilities are fundamentally changed and will impact future performance indicators. Insurance companies now have less than three years in which to introduce the standard and anticipate the impacts which will affect every aspect of the organisation.

Essential INED considerations re IFRS17

James and Vitalina discuss key questions that Board members can ask to navigate the transition to implementing IFRS 17 successfully in their firms.

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Financial services news

Feedback statement on foreign dividend participation exemption

Proposed exemption for foreign dividends

On April 5, 2024, Finance Minister Michael McGrath launched a Feedback Statement (FS) on the proposed implementation of a Participation Exemption for foreign dividends within the Irish tax system. The FS invites feedback from interested parties on a “Strawman Proposal” developed for the implementation of the Participation Exemption.

ESMA Strategic Priorities for 2024

In 2022, the European Securities and Markets Authority (ESMA) published its new multi-annual strategy for 2023-2028. ESMA’s 2024 Annual Work Programme is structured around the implementation of the ESMA strategy, fulfilling ESMA mandates in the legislation and building on the activities executed in 2023.

ECB strategic priorities 2024-2026

The European Central Bank (ECB) Banking Supervision set out the activities it wishes to develop via its 2024-2026 strategy. 2024 is the first year of the three-year plan.