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Circular 29 of 2023: IFRS17 – Direct attributable expenditure

International Financial Reporting Standard (IFRS) 17: Insurance Contracts are effective for financial year-end beginning on or after 1 January 2023. Medical schemes are therefore required to make significant changes in their reporting for the 2023 financial year. The Council for Medical Schemes (CMS) is currently busy with the development of the 2023 Annual Statutory Returns and will therefore require engagement with the industry on various reporting matters to ensure consistency of reporting across medical schemes.

This engagement will be in the form of circulars issued to the industry requesting feedback from the industry within quite tight deadlines.  The CMS will appreciate the industry’s suggestions and comments.

Download the Circular here.