The Swedish Financial Supervisory Authority has proposed updating annual reporting rules for insurance and occupational pension companies to reflect the replacement of IAS 1 Presentation of Financial Statements by IFRS 18 Presentation and Disclosure in Financial Statements. The amendments would take effect on Jan. 1, 2027, and apply to financial years beginning on or after that date. The proposal would replace four references to IAS 1 with IFRS 18 and clarify that companies need not apply IFRS 18 when presenting the income statement in annual accounts. The same treatment already applies to consolidated accounts, while no exemption is proposed for balance sheet presentation. Other amendments would correct references and make minor editorial and linguistic changes without altering the rules’ substance. Although IFRS 18 introduces new requirements that will affect how insurance and occupational pension companies prepare and present accounting information, the authority expects the proposed rule changes themselves to have no consequences for firms, consumers or the wider economy.
Swedish Financial Supervisory Authority consults on IFRS 18 updates to insurance and occupational pension reporting rules
The Swedish Financial Supervisory Authority has proposed aligning reporting rules for insurance and occupational pension companies with IFRS 18, which replaces IAS 1 on Jan. 1, 2027. The proposal would clarify that IFRS 18 need not be applied when presenting the income statement and would make minor corrections without substantive regulatory changes.