News Release New reporting requirements for financial statements in 2024

September 27, 2023

New reporting requirements under the International Financial Reporting Standards for Insurance Contracts (IFRS 17) will mean a different look to this year’s financial statements, most notably an increase in balance sheet liabilities. However, these new standards will not affect the economic fundamentals of the workers’ compensation system. Our board of directors will continue to take a long-term view for measuring the funding level and setting assessment rates. WorkSafeNB will conduct two distinct financial valuations beginning December 31, 2023:

• A funding valuation to assess the long-term health of the workers’ compensation system and to inform appropriate assessment rates and benefit levels.
• A financial statement valuation to comply with IFRS 17 and to provide a short-term view of the of the workers’ compensation system’s financial position.