Legal News

FRC publishes reviews into offsetting and IFRS 17 Insurance Contracts

Published on: 05 September 2024
Published by LNB News

LNB News 05/09/2024

Document Information

Issue Date: 05 September 2024

Published Date: 05 September 2024

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Financial Reporting Council (FRC) has published two thematic reviews into the quality of UK company reporting focusing on offsetting in the financial statements and International Financial Reporting Standards (IFRS) 17 Insurance Contracts. Offsetting involves presenting items that would otherwise be shown separately as a single net amount. The IFRS only allow or require offsetting in specific situations, and the FRC noted that companies should ensure accurate disclosures to avoid restatements. The IFRS 17 disclosures review noted good overall quality but identified areas for improvement including judgments, estimates, and alternative performance reviews.

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