财政部、金融监管总局联合发布

Core Viewpoint - The issuance of the "Notice on Further Implementing the New Insurance Contract Accounting Standards" is a key measure to promote high-quality development in the insurance industry, providing detailed solutions for the implementation challenges faced by small and medium-sized insurance companies while aligning with international accounting standards [1][2]. Group 1: Implementation of New Standards - The new insurance contract accounting standards are seen as a significant reform in the financial reporting system of the Chinese insurance industry, marking an important step towards global accounting convergence [2]. - The new standards were revised and issued by the Ministry of Finance in December 2020, with implementation starting from January 1, 2023, for certain companies, while others will follow by January 1, 2026 [2][3]. - The initial implementation by ten large listed insurance companies has been smooth, with the impact on net assets and net profits aligning with expectations, leading to a generally positive market response [2][3]. Group 2: Support for Small and Medium-sized Enterprises - The "Notice" provides a timeline for different types of enterprises, allowing listed companies to continue with the new standards while non-listed companies can opt for simplified measures starting from January 1, 2025 [3]. - Companies facing difficulties in implementation can apply for a deferral until June 30, 2025, by submitting written explanations to the relevant authorities [3]. - Simplified processing options are tailored for non-listed enterprises, allowing them to choose one or more simplified accounting policies upon first implementation [3][6]. Group 3: Simplification Measures - Simplifications in the assessment of insurance contract profitability, cash flow asset recognition, and accounting treatment for contracts terminated due to policyholder withdrawals have been introduced [4]. - In terms of measurement, simplifications include provisions for policy loans, accrued interest, and adjustments for financial estimates in financial statements [4][5]. - Disclosure requirements have also been simplified, including adjustments for reinsurance contracts and fair value measurements [5]. Group 4: Impact and Future Outlook - The simplified measures aim to reduce the cost and complexity of implementing the new standards for small and medium-sized insurance companies, facilitating a smoother transition [6]. - The implementation of the new standards is viewed as essential for the high-quality development of the Chinese insurance industry, with the "Notice" providing transitional support for non-listed companies [6]. - As conditions improve, non-listed enterprises are expected to phase out the simplified measures, ensuring consistency in accounting practices across the industry [6].