Andorra Approves New Accounting Plan for Insurance Sector
The plan introduces a comprehensive framework for recording, valuing, and presenting financial data, filling gaps in prior rules on technical provisions and more.
Key Points
- Establishes uniform standards for financial recording, valuation, and presentation.
- Includes dedicated chart of accounts and guidelines for assets, liabilities.
- Improves transparency, comparability, and oversight by Andorran Financial Authority.
- Applies to annual accounts ending December 31, 2027, for adaptation period.
The Andorran government has approved a new accounting plan for insurance entities, establishing uniform standards for financial recording, valuation, and presentation for the first time.
The framework, tailored to the sector's operations, introduces common criteria across all insurers in the Principality. It includes a dedicated chart of accounts suited to insurance activities, along with guidelines for assets, liabilities, and annual account preparation.
Officials say the plan will improve the quality, transparency, and comparability of financial data. It aims to simplify oversight by the Andorran Financial Authority (AFA), ease entity management, and provide clearer economic insights.
Prior regulations addressed specific elements like technical provisions but lacked a comprehensive system. This decree fills that gap, applying to annual accounts ending 31 December 2027 to allow time for adaptation.
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