The Statement highlights the importance of issuers accompanying users
of their financial statements, so that they understand the expected
accounting implications of the new Standard’s application.
ESMA’s recommendations cover the disclosures of expected
impacts of the initial application of IFRS 17 in the interim and
annual financial statements for 2022. ESMA expects management and
supervisory boards members and auditors to take into account these
recommendations, when fulfilling their respective obligations relating
to the issuer’s interim and annual financial statements 2022.
In line with past major standards (IFRS 9 and IFRS 15), in the
year prior to their effective date ESMA provides a roadmap to help
issuers in providing the disclosures on expected impacts of new, but
not yet effective, standards, as required by IAS 8 Accounting
Policies, Changes in Accounting Estimates and Errors.
ESMA, and the National Competent Authorities, will
consider how the recommendations in the Public Statement have been
implemented by issuers in their interim and annual financial
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