Standardele internaționale de raportare financiară: IFRS 17 - Contracte de asigurare
Mr President, this motion for a resolution is about International Financial Reporting Standards (IFRS) 17 for Insurance Contracts. These standards are a fundamental change in the accounting for insurance contracts, bringing the benefits of more consistency, transparency and comparability. This motion for a resolution is the result of the permanent teamwork set by the Committee on Economic and Monetary Affairs (ECON) after the financial crisis to focus on the reform of the IFRS. IFRS issues are no longer secondary business for ECON and Parliament.
I would like to thank all members of this permanent team and to the other members of ECON who contributed to this motion. In this motion for a resolution we underline the effort and costs needed in order to implement IFRS 17, which are significant. Unfortunately, the signals that we have received from insurance companies that have started to prepare the implementation of the IFRS 17 confirm the difficulties of this implementation. The effort, time and cost in human resources have been underestimated. Our technical adviser, the European Financial Reporting Advisory Group (EFRAG), has already identified several issues raised by IFRS 17 during the drafting of its endorsement advice, such as the level of aggregation, the contractual service margin, and reinsurance.
The final endorsement advice is expected in December 2019. We regret again that no field test has been developed to examine the potential effects that IFRS 17 might have on financial stability and competitiveness in the financial markets. We ask the Commission and EFRAG to consider carefully all the signals sent by the insurance sector and to deliver clear assurances in respect of these signals through the endorsement advice. The Commission and EFRAG should assess whether the current implementation timeline of IFRS 17 is appropriate