Financial markets extend the period for insurance companies to disclose first-quarter results until June 15

Abu Dhabi, May 12 / The financial markets in the country announced the extension of the date for submitting the reviewed interim financial statements for the listed insurance companies for the first quarter of this year for a month until June 15, in order to give them the appropriate opportunity to meet the requirements of applying the international standard “IFRS 17” issued by the Council of Standards. International accounting for insurance contracts.
And the Abu Dhabi Securities Market and the Dubai Financial Market said in a circular today, of which “WAM” obtained a copy, that this decision comes out of the Securities, Commodities and Markets Authority’s keenness to provide the necessary support to all listed companies and all investors and dealers in the market, and in light of the challenges facing the sector. Insurance (companies, auditors, and actuaries) in applying the new IFRS related to insurance contracts, and given the operational and organizational difficulties that companies face, they need more time to start applying and testing them in accordance with the requirements of the new IFRS.
According to the circular, the two markets noted that trading will be suspended in the shares of listed insurance companies that are not committed to disclosure during the aforementioned additional period, as of the trading session of June 16th.