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IFRS Accounting Taxonomy 2023 – Illustrative examples

IFRS 17 Insurance Contracts

Illustrative Examples - example 20

This document presents a selection of disclosures from the Illustrative Examples accompanying IFRS 17, to illustrate possible tagging using the IFRS Accounting Taxonomy. This document is not intended to provide interpretative guidance.

A possible format of the reconciliation of the insurance contract liability required by paragraph 101 of IFRS 17 is as follows:

	Estimates of the present value of future cash flows		Risk adjustment for non-financial risk		Contractual service margin		Insurance contract liability
	CU		CU		CU		CU
Opening balance	372		80		165		617
Insurance finance expenses	19		-		8		27
Changes related to future service	238		48		(173)		113
Changes related to current service	200		(40)		-		160
Cash outflows	(400)		-		-		(400)
Closing balance	429		88		-		517

A possible format of the reconciliation of the insurance contract liability required by paragraph 100 of IFRS 17 is as follows:

	Liability for remaining coverage, excluding loss component		Loss component of the liability for remaining coverage		Liability for incurred claims		Insurance contract liability
	CU		CU		CU		CU
Opening balance	617		-		-		617
Insurance revenue	(140)		-		-		(140)
Insurance service expenses	-		113		300		413
Investment component	(100)		-		100		-
Insurance finance expenses	27		-		-		27
Cash outflows	-		-		(400)		(400)
Closing balance	404		113		-		517

A possible presentation in the statement of profit or loss of the amounts related to insurance contracts is as follows:

	20x2
	CU
Insurance revenue	140
Insurance service expenses	(413)
Insurance service result	(273)
Investment income	-
Insurance finance expenses	(27)
Finance result	(27)
Loss	(300)