Annual Enterprise Survey 2024

Introduction of the IFRS17 accounting standard The 2024 financial year is the first year in which businesses in the insurance industry (in ANZSIC06 Division K) were required to report their financial data under a new accounting standard IFRS17. The adoption of IFRS17 has resulted in significant changes in statements of financial performance and position for businesses in the insurance industry. Between the 2023 and 2024 financial years: reported total assets and liabilities in the insurance industry have fallen significantly income and expenditure have stayed reasonably consistent with past years. We have not been able to quantify the impact of IFRS17 on these changes compared to underlying business movements. While businesses did restate their financial data for the 2023 financial year when producing their accounts, the AES data for 2023 has not been revised. Gambling services – change in recording of sales and purchases Prior to the 2024 annual enterprise survey, some gambling services businesses (in ANZSIC06 Division R) had included gross sales and purchases. In the 2024 survey all respondents reported only their net proceeds of gambling. This change has been back dated for the 2022 and 2023 annual enterprise surveys to make overall results comparable. en