The IAIS issues a comment letter to the IASB exposure draft on Climate-related and Other Uncertainties in the Financial Statements

The International Association of Insurance Supervisors (IAIS) has submitted a comment letter to the International Accounting Standards Board (IASB) on its exposure draft on Climate-related and Other Uncertainties in the Financial Statements, issued in July 2024.

Overall, the IAIS is supportive of the exposure draft and the objective of providing additional guidance in relation to how an entity applies the requirements of IFRS Accounting Standards to report the effects of climate-related and other uncertainties in its financial statements. The IAIS also supports the proposed approach to present this additional information as illustrative examples accompanying the Standards. The letter, however, includes some areas where the IASB could be more explicit with the illustrative examples. Also, in answering question 2, the IAIS suggests an area from IFRS 17 that could have been highlighted and would have made the proposed examples particularly relevant to insurers.

Click here to read the comment letter.