DISCLOSURE OF INFORMATION ON THE APPLICATION OF STANDARDS IN THE FINANCIAL STATEMENTS OF COMMERCIAL INSURANCE COMPANIES

In this paper we focused on reporting information on the application of IFRS 4 Insurance Contracts, resp. IFRS 17 Insurance contracts in commercial insurance companies having their registered office in the territory of the Slovak Republic. In 2018, 15 commercial insurance companies operated in Slovakia using international financial reporting standards to prepare their financial statements. Insurance companies apply IFRS Insurance contracts in conjunction with IFRS 9, as insurance contracts are also a financial instrument for an insurance company. IFRS 17 represents an entirely new standard for which insurance companies are currently preparing. The source of the individual financial statements to be analysed is the register of financial statements and the websites of individual commercial insurance companies. The purpose of the contribution is to show how information on the application of standards and the reasons why some standards are not considered are prepared. At the same time, we also focus on verifying whether the presentation of information in the financial statements depends on the company that verifies the financial statements or is the result of a separate processing of a commercial insurance company.