Strategic Report | Governance | Financial Statements | 143
1. MATERIAL ACCOUNTING POLICIES continued 1.2.2. Impact of adoption of new accounting standards Statement of financial position
The Statements of financial position reported at 31 December 2021 (the transitional balance sheet presented on 1 January 2022 for the cumulative impacts of the adoption of new accounting standards) and 31 December 2022 (the comparative balance sheet) have been restated as follows: Restatement of the transitional Statement of financial position (1 January 2022) 31 December 2021 (as reported) £m Reclassification adjustments £m Measurement adjustments £m 1 January 2022 (restated) £m
Assets Intangible assets
120
– – –
(75)
45 14
Property and equipment
14
– –
Financial investments measured at fair value through profit or loss Reinsurance contract assets (previously reinsurance assets)
24,682
24,682
2,808
(2,128)
36
716 304
Deferred tax assets Current tax assets
–
(6)
310
30 76 35
–
– –
30
Prepayments and accrued income
(70) (13)
6
Other receivables (previously insurance and other receivables)
(1)
21
Other assets Total assets
583
–
–
583
28,348
(2,217)
270
26,401
Equity Share capital Share premium Other reserves Retained earnings
104
– – – – – – – – –
– – –
104
95
95
944 977
944
(944) (944)
33
Total equity attributable to shareholders of Just Group plc
2,120
1,176
Tier 1 notes
322
–
322
Total equity attributable to owners of Just Group plc
2,442
(944)
1,498
Non-controlling interest
(2)
–
(2)
Total equity
2,440
(944)
1,496
Liabilities Insurance contract liabilities (previously insurance liabilities) Reinsurance contract liabilities (previously reinsurance liabilities)
21,813
(57)
1,330
23,086
275
6 –
(116)
165
Investment contract liabilities
34
– – – – –
34
Other financial liabilities Deferred tax liabilities
2,866
(2,145)
721
5
(5)
–
Other payables (previously insurance and other payables)
93
(12)
81
Other liabilities Total liabilities
822
(4)
818
25,908 28,348
(2,217) (2,217)
1,214
24,905 26,401
Total equity and liabilities
270
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