NHS bodies will be required to apply international financial reporting standard (IFRS) 17 Insurance contracts from 1 April 2025.
The standard applies to all insurance contracts no matter who issues them. So, NHS bodies will need to demonstrate that they have considered the new standard and have satisfied themselves that they have not issued any insurance contracts.
This briefing sets out how NHS bodies might want to approach the adoption of the new standard.
In July and August 2023, the HFMA surveyed its members about the year-end process to see whether there were any lessons that could be learned.
The Accounting and Standards Committee met virtually for their first meeting of the year.