On Mar. 7, BER BMA amended insurance IFRS reporting schedules.
BER BMA issued notice of Insurance account amendment rules 2025, which amends the Insurance Account Rules 2016 to account for the adoption of IFRS 17 standard.
Published updated general purpose financial statements and corresponding notes.
Rule Amendment
Amends Rule 14 for IFRS filers following the adoption of IFRS 17, Insurance contracts.
Applies to commercial insurers that are eligible to prepare condensed general purpose financial statements and report under IFRS accounting principles (with IFRS 17).
May submit using amended Schedules without need to request approval from BER BMA
Amendment does not apply to insurers that submit condensed general purpose financial statements in accordance with GAAP or that file complete financial statements
Effectiveness
Updated schedules effective Feb. 26 2025, for 2024 year-end reporting and beyond.
