Making Sense of the IFRS 17 Transition Effects
研究了42家欧洲保险公司从IFRS 4过渡到IFRS 17（同时采用IFRS 9）的财务报表影响，发现IFRS 17导致权益显著下降，但减少了会计错配，更好地反映了保险公司的经济实质。
SYNOPSIS This study examines the financial statement effects of the transition from the diverse insurance accounting practices under IFRS 4 to the unified framework of IFRS 17, alongside the concurrent adoption of IFRS 9. Analyzing 42 European insurers, we document substantial variation in transition approaches with implications for future reported profitability. IFRS 17 led to a significant average decrease in equity, primarily driven by the current measurement of insurance liabilities and the alignment of revenue recognition with service delivery, whereas IFRS 9 had a limited impact. Importantly, we document reduced accounting mismatches as restated IFRS 17/IFRS 9 equity declined less during the 2022 interest-rate spike than stated IFRS 4/IAS 39 figures, with liability remeasurement gains offsetting losses on financial assets. These findings highlight the role of IFRS 17 and its alignment with IFRS 9 in better capturing insurers’ underlying economics and provide timely insights for standard-setters and regulators. Data Availability: All data are available from the identified public annual reports. JEL Classifications: G22; G38; M41; M48.