An amendment has been made to the normative act of SARAS

As it is known, the new International Financial Reporting Standard on Insurance Contracts (IFRS 17) came into force from 1 January 2023, and the previous International Financial Reporting Standard (IFRS 4) was withdrawn. 

Accordingly, based on the new requirements, the digital forms intended for insurers have been corrected and amendments have been made to Annexes No. 1 and No. 2.
It should be emphasized that the amendment to the above-mentioned regulation introduces a simplified rule for reporting and filling in digital forms for third category enterprises, in particular, the preparation and submission of the statements of cash flow and capital flow for third category enterprises becomes voluntary. The preferential condition related to the submission of reports in a simplified manner will apply retroactively to third category enterprises from 1 October 2024.

The amendment is also due to the need for clarification and correction of certain provisions of the by-law, which has been identified during the operation of SARAS. SARAS aims to complete the legal requirements, both in terms of content and terminology.