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Introduction to IFRS and Consolidated Financial Statements

In: Fundamentals of the Insurance Business

Author

Listed:
  • Massimiliano Maggioni

    (University of Milano)

  • Giuseppe Turchetti

    (Sant’Anna School of Advanced Studies)

Abstract

This chapter aims to illustrate the IAS/IFRS historical development and the requirements for consolidated financial statements. The historical development of this evolution is described in the paragraphs (i.e. the transformation from IAS to IFRS principles). The Regulations of the European Community no. 1606/2002 have been illustrated. These regulations lay down the new rules introducing IAS/IFSR in the insurance industry with effect from 2005. In accordance with IFRS 10, which defines the consolidation area, in the chapter, the area of consolidation is illustrated. IAS 1 provides the components for drafting up consolidated financial statements. They are consolidated balance sheet, consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows. Obligatory templates for drafting are consolidated Balance Sheet, consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows.

Suggested Citation

  • Massimiliano Maggioni & Giuseppe Turchetti, 2024. "Introduction to IFRS and Consolidated Financial Statements," Springer Texts in Business and Economics, in: Fundamentals of the Insurance Business, chapter 27, pages 555-567, Springer.
    • Handle: RePEc:spr:sptchp:978-3-319-52851-9_27
    DOI: 10.1007/978-3-319-52851-9_27
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