Deadline for disclosing insurance companies' quarterly financial statements extended to June 2023

The Securities and Commodities Authority Friday announced the extension of the deadline for disclosing the reviewed interim financial statements for the first quarter of 2023 for listed insurance companies, for one month until 15 June 2023.

In disclosures today, the two main bourses said the development comes in line with the commitment of Securities and Commodities Authority, the Abu Dhabi Securities Exchange and Dubai Financial Market to providing necessary support to all listed companies, investors, and market participants, in light of the challenges facing the insurance sector in implementing the new International Financial Reporting Standard (IFRS 17) related to insurance contracts.

"The move is meant to provide the appropriate opportunity for insurance companies to comply with the requirements of applying the International Standard (IFRS 17) issued by the International Accounting Standards Board (IASB) concerning insurance contracts."

Trading in the shares of non-compliant listed insurance companies will be suspended after the expiry of addition period mentioned above, starting from the trading session on Friday, June 16, 2023.

News Source: Emirates News Agency