Disclosures

Learning objectives

• Explain that the entity provides reconciliations of the opening and closing balances of the liabilities and information about significant judgements.L2
• Prepare a draft reconciliation of the liability for remaining coverage from given movements.L4

Normative references

• IFRS 17 §78An entity presents separately in the statement of financial position the carrying amount of portfolios of insurance contracts issued that are assets and of those that are liabilities, and likewise for portfolios of reinsurance contracts held.
• IFRS 17 §100The entity provides separate reconciliations from the opening to the closing balances of the net liabilities (or assets) for remaining coverage excluding any loss component, of any loss component, and of the liabilities for incurred claims, with, for the premium allocation approach, a split between the present value of future cash flows and the risk adjustment for non-financial risk.
• IFRS 17 §117The entity discloses the significant judgements, and changes in those judgements, made in applying the Standard.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

1 question

• Which statements about presentation and disclosure under IFRS 17 are correct? More than one answer is possible.L2