新保险合同准则新规来了！确有困难公司，可申请暂缓执行

Core Viewpoint - The Ministry of Finance and the Financial Regulatory Administration have issued a notification to further implement the new insurance contract accounting standards, providing guidance and simplified options for non-listed companies [1][2][5]. Summary by Sections Implementation Arrangements - The notification details the implementation arrangements for the new insurance contract accounting standards, allowing non-listed companies to opt for simplified processing [2][5]. - Companies facing difficulties in executing the new standards must submit written explanations by June 30, 2025, and disclose the reasons in their financial statements [3][5]. Transition Timeline - The new insurance contract accounting standards were revised in December 2020, with a mandatory implementation date of January 1, 2023, for certain companies, while others must comply by January 1, 2026 [4][5]. - Companies that have already adopted the new standards must report their early implementation by June 30, 2025 [6]. Simplified Processing Provisions - The notification introduces simplified processing options for non-listed companies, effective from January 1, 2025, allowing them to choose one or more simplifications when first applying the new standards [7][9]. - Simplifications cover four main areas: 1. Grouping and recognition of insurance contracts [8] 2. Measurement of insurance contracts [8] 3. Presentation of insurance contracts [8] 4. Transition provisions for first-time application [9]. Impact on Financial Reporting - The simplified provisions aim to reduce the complexity and cost of implementation for non-listed companies, particularly smaller insurers facing challenges due to limited historical data and resources [5][11]. - The notification is designed to ensure that the quality of accounting information is not significantly affected, particularly for listed companies, thus maintaining consistency in financial reporting standards [10][11].