The financial markets in the country announced the extension of the date for submitting the reviewed interim financial statements of the listed insurance companies for the first quarter of this year for a period of one month until June 15, to give them the appropriate opportunity to fulfill the requirements of applying the international standard “IFRS 17” issued by the International Accounting Standards Board regarding insurance contracts.
The Abu Dhabi Securities Market and the Dubai Financial Market said, in a circular yesterday, that this decision comes out of the Securities, Commodities and Markets Authority’s keenness to provide the necessary support to all listed companies and all investors and dealers in the market, and in light of the challenges facing the insurance sector (companies, auditors and actuaries). ) in applying the new international financial reporting standard related to insurance contracts.
In view of the operational and organizational difficulties that companies face, they need more time to start applying and testing them in accordance with the requirements of the new international standard. The two markets noted that trading in the shares of listed insurance companies that are not committed to disclosure will be suspended during the aforementioned additional period, starting from the next June 16 trading session.
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