Annual Report and Accounts 2022 to 2023
r) Accounting standards that have been issued but not yet adopted
The International Financial Reporting Standards (IFRS) 17 is effective for annual reporting periods beginning on or after 1 January 2023 with earlier application permitted as long as IFRS 9 is also applied.
Insurance contracts (IFRS 17) combine features of both a financial instrument and a service contract. In addition, many insurance contracts generate cash flows with substantial variability over a long period. It is not expected to have a significant effect upon the Gambling Commission's accounts as there are currently no insurance contracts in place.
Last updated: 18 October 2023
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