细化新保险合同会计准则实施安排 为非上市企业提供简化处理选项

Core Viewpoint - The Ministry of Finance and the Financial Regulatory Administration have issued a notification to further implement the new insurance contract accounting standards, aimed at enhancing the quality of financial information in the insurance industry and supporting high-quality development [1][2][10]. Summary by Sections Background - The new insurance contract accounting standards were revised and issued in December 2020, effective from January 1, 2023, for certain companies, while others will implement it by January 1, 2026 [2][3]. - Initial implementation by ten large listed insurance companies showed a smooth transition, with the impact on net assets and profits aligning with expectations, leading to positive market reactions [2][3]. Implementation Arrangements - The notification clarifies that companies listed both domestically and internationally, as well as those listed only abroad, must continue to follow the new standards, while other companies will adopt them by 2026 [5][6]. - Companies facing difficulties in implementation must submit written explanations to the relevant authorities [5]. Simplified Processing Provisions - Non-listed companies are provided with options for simplified processing in areas such as insurance contract grouping, measurement, and reporting [5][8]. - The simplifications aim to reduce implementation costs without significantly affecting the quality of accounting information [7][10]. Organizational Implementation Requirements - The notification emphasizes the importance of implementing the new standards as part of broader financial risk management strategies [5][6]. - It outlines the need for companies to prepare through process reorganization, system upgrades, and staff training [6][10]. Expected Impact - The notification is designed to facilitate the timely execution of the new standards, particularly for small and medium-sized insurance companies, while not significantly impacting the quality of accounting information for listed companies [10]. - The simplified provisions are specifically tailored for non-listed companies, which have a limited share of the industry in terms of asset size and premium income [10]. Implementation Guidance - The authorities will focus on promoting understanding of the notification's requirements and closely monitoring the implementation of the new standards [12].