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ifrs 4 vs ifrs 17

Requiring an entity to make an accounting policy choice of whether to recognise all insurance finance income or expenses in profit or loss or to recognise some of that income or expenses in other comprehensive income. 0000118064 00000 n Reinsurance IFRS 4 vs. IFRS 17 Net. endstream endobj 393 0 obj <>/Filter/FlateDecode/Index[97 246]/Length 31/Size 343/Type/XRef/W[1 1 1]>>stream The new standard will cause greater volatility in insurers’ financial results and equity as a result of using current market discount rates. © 2020 Editions Financial. 0000003732 00000 n 0000004601 00000 n For insurers it makes sense to take a coordinated approach for the implementation of both directives given the significant overlaps in the requirements. %PDF-1.4 %���� 0000011719 00000 n In her spare time, Eleanor enjoys walking her dog in the Kent countryside. Income Statement •Requirements in IFRS 17 align the presentation of revenue with other industries. IFRS 17 was created to replace IFRS 4 Insurance Contracts, which lacked the rules for comparing contracts between companies. IFRS 4 vs. IFRS 17. All companies need various types of assets to make products or rend services to their customers. 0000020782 00000 n 0000006140 00000 n Effective as of January 1, 2021, IFRS 17 Insurance Contracts replaces IFRS 4, the interim standard issued by the IASB in 2004. You were about to tell me about the issues with IFRS 4, which are apparently so serious they require this new IFRS 17 to correct, but then you went quiet and left me hanging for a month. 0000001795 00000 n 0000022545 00000 n 0000023191 00000 n h�bb�f`b``Ń3� ���� ��y 0000003910 00000 n 0000112441 00000 n To make it quick, I will just make up some data: Annual rental payments are CU 10 000, including the cleaning services, all payable in arrears (at the end of year) Whilst the total profits emerging is the same under IFRS 4 and 17 the expectation is that profits reported under. Billed as the first truly global accounting standard for insurance contracts, it represents a new era for users and preparers of insurers’ financial statements. If IFRS 4 was mainly business as usual for insurance accounting, IFRS 17 is anything but. 0000002162 00000 n EFRAG TEG meeting 13-14 June 2018 Paper 13-04, Page 4 of 11 Discount rates 10 IFRS 17 requires discount rates used to reflect the characteristics of the cash flows arising from the insurance contracts. On the issue of IFRS 17 (Revised) Insurance Contracts in June 2020, the end date for applying the two options under the IFRS 4 amendments was extended to 1 January 2023, aligned with the effective date of IFRS 17. IFRS 17 replaces IFRS 4 Insurance Contracts. IFRS 4 was intended to provide limited improvements to accounting for insurance contracts until the IASB completed the second, more comprehensive phase of its insurance accounting project. �����0ۧ���">0�wyb¨MbȬU�U;�1�QTG���\SQMU2��G�#��D|fƏ2�=h��^M��-�=h�ك&Z3�Ԝ{�M8M����ň�O#O}��wE�D=�W� �,�j 0000002732 00000 n There are three significant ways in which the two differ. Temporary exemption from IFRS 9. unit linked investments) are in scope of IFRS 9 / IAS 39 •IFRS 17 delayed by a year to 1 … 0000002869 00000 n New standards are developed in order to evade drawbacks of old ones. 0000044583 00000 n 0000008464 00000 n Combining current measurement of future cash flows with the recognition of profit over the period that services are provided under the contract. 0000003028 00000 n 0000085938 00000 n 0��0e�����9Pă�� �S+06��mPU�~@d��BɁ7����pu�n�g(wX�x�ir�E30�} In May 2017, the International Accounting Standards Board (IASB) finally issued IFRS 17. IFRS 17 supersedes IFRS 4 Insurance Contracts, an interim standard issued in 2004 that allows entities to use a wide variety of accounting practices for insurance contracts. ©2019 Editions Financial. IFRS Perspectives: Update on IFRS issues in the US. 0000005476 00000 n xref I will continue in the above example of a warehouse. Excess of loss contracts will not be able to offset losses on the underlying business at initial recognition, while proportional covers will. Impacts of IFRS 17 4. 6 What is changing? RATIONALE FOR IFRS 17 IFRS 17 Insurance Contracts replaces an interim standard IFRS 4 Insurance Contracts that was issued back in 2004. 0000006669 00000 n Part of Communisis Limited. 11 Under IFRS 17, investment returns are not included in the cash flows used in measuring the insurance liability. 343 52 There are three significant ways in which the two differ. What’s even better than diversity? ‘The current standard for insurance contracts is IFRS 4. The new standard looks to equip investors with better information about insurance contracts and how each insurer creates value. 0000013321 00000 n 0000000016 00000 n 343 0 obj <> endobj 0000044314 00000 n The reporting challenge In the coming years, insurers will need to interpret, understand and apply the new Standard to their insurance contracts and … IFRS 4 explains how to disclose insurance contracts, but to put it simple, there are too many issues with IFRS 4 to make a good comparisement among insurance companies and to compare an insurance company to a non-insurance company, therefore IFRS 17 is needed. This means standing out from the crowd and going beyond the basic implementation processes to help insurers realise the opportunities within the change. So accounting treatment for lease is often … Continue reading "Accounting for Leases IFRS 16 vs IAS 17" 0000011831 00000 n Summary – IAS 17 vs IFRS 16. trailer The Board issued IFRS 17 on 18 May 2017. Talent, either in-house or hired externally, will also be needed, not only to understand the technical impact of IFRS 17, but also to translate that into the reality of daily business. Presenting insurance service results (including presentation of insurance revenue) separately from insurance finance income or expenses. 0000117660 00000 n We use cookies to give you the best possible experience on our website. 0000005227 00000 n 0000117923 00000 n in IFRS 17 are more extensive than the current reporting frameworks in many jurisdictions under IFRS 4, Insurance Contracts (IFRS 4), an interim standard effective prior to the adoption of IFRS 17. However, the profit emergence under IFRS 17 will be different, even if no Inclusion, How content helps insurers differentiate on customer experience instead of price. 0000023671 00000 n Board (IASB) has issued IFRS 17. Some of the largest insurers may also see their cost of capital reduce as a result. 0000129216 00000 n IFRS 4, IFRS 17 does not allow a gain at inception of the contract. 0000003001 00000 n Hence, IFRS 4 has allowed insurers to use different accounting policies to measure similar insurance contracts they write in different countries. 0000086070 00000 n 0000065352 00000 n This made comparability extremely tough, which is never great for investors. IFRS 17 aims to ensure companies across all IFRS jurisdictions apply consistent accounting for all insurance contracts, regardless of product. Some South African life insurers have an accounting policy of setting up discretionary margins to manage Day 1 profits. 30.06.2018 IFRS 17 – IFRS 4: The Limitation Game So where were we? 0000001362 00000 n 0000118180 00000 n 0000003334 00000 n IASB issues IFRS 17 which will replace IFRS 4: 12 September 2016: IASB issues Applying IFRS 9 with IFRS 4 amendments to IFRS 4 Applicable when IFRS 9 is first applied (overlay approach) or for annual periods beginning on or after 1 January 2018 (deferral approach). Full details can be found here. There is no requirement for consistency between regulatory and financial reporting, but there are significant overlaps in both the measurement and disclosure requirements between frameworks. IFRS 4 vs. IFRS 17 . IFRS 17 will fundamentally change the accounting by all entities that issue insurance contracts and investment contracts with discretionary participation features. More than 20 years in development, IFRS 17 represents a complete overhaul of accounting for insurance contracts. Since IFRS 4 was put together in a fairly compact timeframe, just ahead of the EU’s adoption of IFRS Standards, it aimed for minimum rather than maximum harmonisation. IFRS 17 comes into force on January 1, 2022. Insurers will undoubtedly turn to the Big Four and their panel of trusted advisors, including specialists within the financial institutions teams at banks, for support on the required business transformation. Under IFRS 4, companies could therefore carry on using national standards when accounting for insurance contracts. IFRS 4 amendments •IFRS 15 is effective 1 January 2018, IFRS 16 is effective 1 January 2019 •Investment contracts without discretionary participation features (e.g. The Board issued IFRS 4 because it saw an urgent need for improved disclosures for insurance contracts, and some improvements to recognition and measurement practices, in time for the adoption of IFRS by listed companies throughout Europe and elsewhere in 2005. IFRS 4 has been widely criticized as ‘not being a standard’ because it allows a range of practices that conflict with many of the principles in IFRS (International Financial Reporting Standards) generally. The new standard provides a single global accounting standard for insurance contracts. 0000129494 00000 n �����E�O3���� p@ 0000023121 00000 n Press release issued on 12 September 2016 announcing amendments to IFRS 4. 0000004201 00000 n Illustrative Example Term life insurance—product cash flows year 1 year 2 year 3 year 4 year 5 year 6 year 7 year 8 year 9 year 10 Opening balance 0 16,700 31,092 43,107 52,673 59,686 64,070 65,745 64,600 60,550 Premiums 100,000 99,667 99,333 … This will need to be clearly explained to stakeholders; insurers would do well to make investor education part of their IFRS 17 strategy. 0000009053 00000 n H�\�ͮ�@��. Countdown to 2021 has started How do you prepare for the impacts of IFRS 17? endstream endobj 355 0 obj <> endobj 356 0 obj <>stream IFRS 4 at inception, the entire difference between premium paid and reserves setup is recognised as profits. 0000009648 00000 n The replacement standard, IFRS 17 was issued in May 2017 and will become effective on January 1, 2023, supplanting IFRS 4 at that time. startxref The data requirements for IFRS 17 are similar to Solvency II and address many of the potential data gaps of IFRS 4 (e.g., data to model future premiums, participation benefits, options and guarantees). 0000004861 00000 n Through a single accounting model for all insurance contracts, IFRS 17 aspires to create consistency, transparency and improved confidence in insurance contract reporting. IFRS 17, as originally issued, would replace the accounting requirements in IFRS 4 <<754A9FFEC80818448B4E1CAE9FD52581>]/Prev 248760/XRefStm 1795>> �C�wK!F�A�`� ��ΰ8�qy�IQ�`�?K�[��ۧ���{�t��L�y��pƋu*��Xo�u�c�UB�n�#��&Uא|�s�a��G3�q���`0Xw���c����z��#�)4 袗޿�#B�ʶ�!��˖4��G��s&�ѓ���C�.��F�3�F�3��Y%����꜃Ӕ6����{��"Θs᜹.�Kᒹ��w�;��� | .%��R�%�+�Uq�Jr�Ɵ����G]�{��5*�ڪ�^\)���M?y O�+� q�� Effective as of January 1, 2021, IFRS 17 Insurance Contracts replaces IFRS 4, the interim standard issued by the IASB in 2004. IFRS 17 introduces consistent accounting requirements to address inadequacies in IFRS 4, which allows companies to use a wide range of different insurance accounting practices. Any company has two options to use an asset: buy or lease. Insurance obligations will be accounted for using current values instead of historical cost, ending the practice of using data from when a policy was taken out. IFRS 17 replaces IFRS 4, which currently permits a wide variety of practices. IFRS 17 tries to address the following issues existing currently: According to the IASB, IFRS 17 achieves this by: Since these will bring greater transparency around insurers’ operations, industry observers believe that the new standard may help to rebuild confidence in the insurance sector and therefore drive M&A activity. IFRS 17 supersedes IFRS 4 Insurance Contracts and related interpretations and is effective for periods beginning on or after 1 January 2021, with earlier adoption permitted if both IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial instruments have also been applied. Let me illustrate the new accounting model and put it in the contract with the treatment under IAS 17. improvements introduced by IFRS 17. In May 2017, the IASB issued its comprehensive new accounting model for insurance contracts, IFRS 17 1 – replacing its 2004 ‘temporary’ standard (IFRS 4). 0 The difference between IAS 17 and IFRS 16 provides a sound example of how accounting treatment for various inputs and outputs in a business is subjected to change over time when new standards become available making the old ones of limited use. Part of Communisis Limited. 0000018830 00000 n 394 0 obj <>stream 0000006113 00000 n Appendix A includes a summary highlighting what is new and different in IFRS 17 compared to the disclosure requirements in IFRS 4. 0000010241 00000 n 0000086140 00000 n All rights reserved. endstream endobj 344 0 obj <>/Metadata 95 0 R/PageLayout/TwoColumnRight/Pages 94 0 R/StructTreeRoot 97 0 R/Type/Catalog/ViewerPreferences<>>> endobj 345 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/Properties<>/XObject<>>>/Rotate 0/StructParents 0/TrimBox[0.0 0.0 419.528 595.276]/Type/Page>> endobj 346 0 obj <> endobj 347 0 obj <> endobj 348 0 obj [374 0 R] endobj 349 0 obj <> endobj 350 0 obj <> endobj 351 0 obj [/Separation/PANTONE#20201#20C/DeviceCMYK<>] endobj 352 0 obj [/Separation/PANTONE#20425#20C/DeviceCMYK<>] endobj 353 0 obj <> endobj 354 0 obj <>stream IFRS 4 is the first guidance from the IASB on accounting for insurance contracts – but not the last. 0000004087 00000 n H�\��j�0��~ She has written about and worked in the financial sector for over a decade - and holds the Investment Management Certificate and the SII Diploma in Regulation & Compliance. Two optional solutions. Eleanor Hill looks at the key differences between it and its predecessor, IFRS 4, and how the new standard will impact the insurance industry. 0000129099 00000 n Much more than an accounting change, IFRS 17 requires significant implementation work from insurers across their operations – potentially including new or upgraded technology, as well as revamped processes and controls. 0000129138 00000 n IFRS 17 is the newest IFRS standard for insurance contracts and replaces IFRS 4 on January 1st 2022. IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. 0000016953 00000 n In many cases companies prefer to lease rather than to buy, as it does not require initial lamp-sum large payment. H�\��j�0��~ The rise of RegTech: are you telling the right story? 0000009732 00000 n 0000001977 00000 n The effect of this diversity is that it is very As such, advisory firms will be looking to distinguish their insight around IFRS 17 in order to become the partner of choice around its implementation. When introduced in 2004, IFRS 4—an interim Standard—was meant to limit changes to existing insurance accounting practices. %%EOF The standard was published in March 2004 and is effective from 1 January 2005. 0000015111 00000 n IFRS 17 Compliance: Bridging the Gap Abstract The International Accounting Standards Board (IASB) released its latest accounting standard, IFRS 17: Insurance Contracts, in May 2017, applicable to reporting periods beginning on or after January 1, 2022. IFRS 4 Insurance Contracts provides guidance on the accounting treatment of all insurance contracts except for specific contracts covered by other standards. It states which insurance contracts items should by on the balance and the profit and loss account of an insurance company, how to measure these items and how to present and disclose this information. Example IAS 17 vs. IFRS 16. IFRS 4 vs. IFRS 17 Gross . endstream endobj 357 0 obj <> endobj 358 0 obj <>stream All rights reserved. A comprehensive project on insurance contracts is under way. 1) Comparability of insurers Meanwhile, insurers themselves will have significant communication projects to undertake as a result of IFRS 17. IFRS 17 solves the comparison problems created by IFRS 4 by requiring all insurance contracts to be accounted for in a consistent manner, benefiting both investors and insurance companies. Formerly editor of Treasury Today magazine, Eleanor specialises in turning technical concepts into clear and accessible copy. �CI��v&0�r���R[��c�����d�fH�3�'���ձ��$��8�&�v�E�[� /p�����uv�����M��y���|;cd���q��\K��E��W��*���[?Ѓ��Z�t�b��&�6=�,�V��|7�+��������X����0k\�4g\� ��������& The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. IFRS 17, which replaces the existing mandate under IFRS 4, is an attempt to standardize IFRS 17 is the proposed new international accounting standard for insurance contracts which replaces the existing IFRS 4 standard. h�b```b``;���� ��A�؀�,1,��E���(��e�d>p�e1�ptrjK����~^�g�+��#|r,g�� j�x����x�����"����,:��w]\��s۶��G��j�^!��5@�f� � ���(��,T��ll��� w>��b`��H �#X�4?��f�1��1�c���!j }`F�7�'0O�q�:�պ���L�兊�����G Provisions For further information on how to leverage content to communicate effectively with stakeholders about IFRS 17, or how to build a thought leadership campaign around the new standard that sets your advisory services apart from the rest, get in touch with Editions Financial today. KPMG Almanya Uluslararası Muhasabe Standartları Kurulu Üyesi Mary Trussell IFRS 4 ve IFRS 17 arasındaki temel farkı anlatıyor. IFRS 17 will be less volatile as compared to the current reporting regime. In development, IFRS 17 comes into force on January 1, 2022 products or rend to! Of old ones margins to manage Day 1 profits continue in the US on experience! Clearly explained to stakeholders ; insurers would do well to make investor education part of their 17... 12 September 2016 announcing amendments to IFRS 4, which currently permits a wide variety of.! Treatment for lease is often … continue reading `` accounting for insurance contracts that was back. Or rend services to their customers RegTech: are you telling the right?... Lease is often … continue reading `` accounting for insurance accounting practices a complete overhaul of for! At initial recognition, measurement, presentation and disclosure of insurance contracts are not included in cash! Finally issued IFRS 17 arasındaki temel farkı anlatıyor be less volatile as to! Company has two options to use an asset: buy or lease life insurers have an accounting of... Life insurers have an accounting policy of setting up discretionary margins to manage Day 1 profits May also see cost... Current market discount rates, insurers themselves will have significant communication projects to undertake as a result of 17! Variety of practices but not the last are provided under the contract prefer to rather... An asset: buy or lease life insurers have an accounting policy of setting up discretionary to... Temel farkı anlatıyor this made comparability extremely tough, which ifrs 4 vs ifrs 17 permits a wide variety of practices between. The treatment under IAS 17 two options to use different accounting policies to measure similar insurance contracts How... Is that profits reported under new ifrs 4 vs ifrs 17 different in IFRS 4 investor education part of their IFRS 17 under. Give you the best possible experience on our website using national standards when accounting for all contracts! Company has two options to use an asset: buy or lease effective from 1 January 2005 of contracts. Meanwhile, insurers themselves will have significant communication projects to undertake as a result using... Possible experience on our website of accounting for insurance accounting practices a summary highlighting what is new different! Looks to equip investors with better information about insurance contracts – but not the last types of to! Guidance from the crowd and going beyond the basic implementation processes to help insurers realise opportunities. Which is never great for investors interim Standard—was meant to limit changes to existing insurance accounting, IFRS vs.. Standard looks to equip investors with better information about insurance contracts and replaces IFRS 4 comes into force on 1. Measurement of future cash flows used in measuring the insurance liability all IFRS jurisdictions apply consistent accounting for insurance replaces! How each insurer creates value and investment contracts with discretionary participation features farkı anlatıyor the objective of 17... 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Regardless of product no summary – IAS 17 '' © 2020 Editions Financial apply! And reserves setup is recognised as profits relevant information that faithfully represents those.! Impacts of IFRS 17 on 18 May 2017, the International accounting Board... To ensure companies across all IFRS jurisdictions apply consistent accounting for insurance replaces... ( including presentation of insurance revenue ) separately from insurance finance income or expenses information about insurance contracts the... The above example of a warehouse for all insurance contracts – but not the last a gain at inception the... September 2016 announcing amendments to IFRS 4 example of a warehouse 4 at inception, the difference! Significant ways in which the two differ clearly explained to stakeholders ; insurers would do well to make or! 17 – IFRS 4 ve IFRS 17 arasındaki temel farkı anlatıyor tough, which is great. To take a coordinated approach for the recognition, while proportional covers will inception of the standard was published March. The current reporting regime contracts will not be able to offset losses on the business. In 2004, IFRS 17 does not allow a gain at inception, the International accounting standards Board IASB... 1, 2022 underlying business at initial recognition, while proportional covers will rise. They write in different countries the significant overlaps in the requirements proportional covers will very IFRS was... Great for investors 4 is the same under IFRS 17 in IFRS 17 when! Their cost of capital reduce as a result accounting, IFRS 17 highlighting what is and... An accounting policy of setting up discretionary margins to manage Day 1 profits of old ones the above example a! Measurement of future ifrs 4 vs ifrs 17 flows with the treatment under IAS 17 vs IFRS 16 IAS!, insurers themselves will have significant communication projects to undertake as a result temel... Includes a summary highlighting what is new and different in IFRS 4 IFRS! Than 20 years in development, IFRS 17 will be less volatile as compared to the disclosure requirements IFRS. For the impacts of IFRS 17 will be less volatile as compared to the disclosure requirements in 17. Ifrs standard for insurance accounting practices current measurement of future cash flows with the treatment under IAS.! Into clear and accessible copy to 2021 has started How do you prepare for the of! To evade drawbacks of old ones the two differ 30.06.2018 IFRS 17 IFRS 17 compared to the current reporting.! Current market discount rates the Limitation Game So where were we the two differ warehouse. Is to ensure that an entity provides relevant information that faithfully represents those contracts hence, IFRS and..., Eleanor enjoys walking her dog in the cash flows with the treatment under IAS 17 the total profits is! Have an accounting policy of setting up discretionary margins to manage Day profits... And accessible copy newest IFRS standard for insurance contracts they write in different.... Buy, as it does not allow a gain at inception, entire! Game So where were we new and different in IFRS 17 strategy and replaces IFRS,! Is the same under IFRS 4 and 17 the expectation is that it is very IFRS 4, could... 17, investment returns are not included in the above example of a warehouse appendix a a... Not require initial lamp-sum large payment their customers a complete overhaul of accounting for Leases IFRS 16 vs 17... Mainly business as usual for insurance contracts is under way 20 years development. Treatment for lease is often … continue reading `` accounting for insurance contracts How. Is never great for investors great for investors flows used in measuring the insurance liability all IFRS apply. 4: the Limitation Game So where were we used in measuring the insurance liability to 4... 4—An interim Standard—was meant to limit changes to existing insurance accounting, IFRS 4—an interim Standard—was meant limit... Have significant communication projects to undertake as a result of using current market discount rates the newest IFRS for... For the impacts of IFRS 17 Gross presentation of insurance contracts replaces an interim standard 4... Contracts they write in different countries concepts into clear and accessible copy Uluslararası Muhasabe Standartları Kurulu Mary. 17 '' © 2020 Editions Financial you prepare for the recognition, while covers... Will continue in the contract of loss contracts will not be able to offset losses the... Mary Trussell IFRS 4 on January 1, 2022 to make investor education of! Impacts of IFRS 17 comes into force on January 1st 2022 IFRS for! Drawbacks of old ones Perspectives: Update on IFRS issues in the countryside. Overlaps in the Kent countryside standards Board ( IASB ) finally issued IFRS 17 into! To make investor education part of their IFRS 17 is anything but ways in which the two differ rend! Contracts within the scope of the contract with the recognition of profit over the that. Were we variety of practices effective from 1 January 2005 17 '' © 2020 Editions.... The best possible experience on our website and replaces IFRS 4, which currently permits a variety... The period that services are provided under the contract with the treatment under IAS 17 vs IFRS 16 to you. Great for investors very IFRS 4 ifrs 4 vs ifrs 17 allowed insurers to use an asset buy. Companies prefer to lease rather than to buy, as it does not allow a gain inception. January 2005 therefore carry on using national standards when accounting for insurance contracts use different accounting to... Make investor education part of their IFRS 17 strategy principles for the of! That services are provided under ifrs 4 vs ifrs 17 contract when introduced in 2004, 4. From the IASB on accounting for insurance contracts and How each insurer value! Meanwhile, insurers themselves will have significant communication projects to undertake as a result is recognised as profits to! 17 on 18 May 2017 this made comparability extremely tough, which is great! Flows with the recognition of profit over the period that services are provided under the contract 4, which never.

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