Commission Regulation (EU) 2023/1803 of 13 August 2023 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (Text with EEA relevance)

The international accounting standards set out in the Annex are adopted.

A company may choose not to apply the requirement laid down in paragraph 22 of International Financial Reporting Standard 17 Insurance Contracts (‘IFRS 17’) in the Annex to this Regulation to: (a) groups of insurance contracts with direct participation features and groups of investment contracts with discretionary participation features as defined in Appendix A of IFRS 17 in the Annex to this Regulation, and with cash flows that affect or are affected by cash flows to policyholders of other contracts as laid down in paragraphs B67 and B68 of Appendix B of IFRS 17 in the Annex to this Regulation; (b) groups of insurance contracts that are managed across generations of contracts and that meet the conditions laid down in Article 77b of Directive 2009/138/EC and have been approved by supervisory authorities for the application of the matching adjustment. When a company does not apply the requirement laid down in paragraph 22 of IFRS 17 in the Annex to this Regulation in accordance with point (a) or (b) it shall disclose this in accordance with International Accounting Standard 1 Presentation of Financial Statements in the notes as a significant accounting policy and provide other explanatory information such as for which portfolios the company has applied this exemption.

The Commission shall review the option laid down in Article 2 by 31 December 2027 and, where appropriate, propose to amend or end it.

Regulation (EC) No 1126/2008 is repealed. References to the repealed Regulation shall be construed as references to this Regulation.

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.