Guardian Holdings Limited (“GHL”) hereby advises that the existing standard on insurance contracts, International Financial Reporting Standard (“IFRS”) 4, will be replaced by IFRS 17. The new standard will materially change the recognition and measurement of insurance contracts and the corresponding presentation and disclosures in GHL’s Consolidated Financial Statements.
Effective January 1, 2023, the Guardian Group implemented IFRS 17 and restated all relevant prior periods in accordance with the transition requirements of the standard.
