FRC publishes letter on insurance company audits under IFRS 17

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Published: 9 December 2022

The FRC has today published a letter to the Insurance Business Unit leaders on IFRS 17 becoming effective for annual reporting periods on or after 1 January 2023, replacing the interim standard IFRS 4.

In December 2021, the FRC issued an information request letter (IRL) to the largest eight audit firms in the UK. We subsequently discussed responses with representatives of each audit firm and sought further input at a roundtable discussion in November 2022.

The key findings from that exercise are summarised in the letter today, which has been sent to the Insurance Business Unit leaders at the largest eight audit firms in the UK.