In view of ensuring Lebanon’s timely compliance with the International Financial Reporting Standards, the Insurance Control Commission initiated recently a project related to IFRS 17. The project aims to design the implementation framework of this new standard as applicable to the insurance market in Lebanon, and decide on the financial reporting rules and requirements. The project will yield a number of outputs, namely:
- A reshaping of the present regulatory reporting forms,
- Guidelines for the methods to be utilized in the evaluation of relevant balance sheet and income statement items, and
- Guidelines on the required disclosures.
The ICC will soon publish its action plan in this respect, outlining the preliminary expectations from the sector.