After thorough preparation, domestic listed insurance companies have implemented the "China Accounting Standards 25-Insurance Contracts" (Cai Kuai [2020] No. 20, hereinafter referred to as the "CAS25") from January 1st, 2023. CAS25 introduces significant changes in revenue recognition, reserve assessment, profit presentation, data granularity, and other areas. CAS25 is expected to encourage insurance companies to enhance their management processes, increase transparency in their information, reduce opportunities for profit manipulation, improve comparability of global financial information, and enhance the usefulness of investor decisions. Consequently, the implementation of CAS25 is anticipated to have a profound impact on the insurance industry.
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