IFRS 17

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The IASB finished its long-standing project on insurance contracts accounting and published IFRS 17, ‘Insurance contracts’ on 18 May 2017 to replace IFRS 4, which currently permits a wide variety of practices in accounting for insurance contracts. IFRS 17 will fundamentally change the accounting by all entities that issue insurance contracts and investment contracts with discretionary participation features.

The standard applies to annual periods beginning on or after 1 January 2021, with earlier application permitted if IFRS 15, ‘Revenue from contracts with customers’ and IFRS 9, ‘Financial instruments’ are also applied.

IFRS 17 marks a new epoch for insurance contract accounting

IFRS 17 marks a new epoch for insurance contract accounting

In May 2017, the International Accounting Standards Board (IASB) issued IFRS 17, ‘Insurance Contracts’, and thereby started a new epoch of accounting for insurers. Whereas the current standard, IFRS 4, allows insurers to use their local GAAP, IFRS 17 defines clear and consistent rules that will significantly increase the comparability of financial statements. For insurers, the transition to IFRS 17 will have an impact on financial statements and on key performance indicators. This publication provides a summary of IFRS 17.

Watch our accounting experts Gail Tucker and Sandra Thompson explaining the scope of the new insurance standard, IFRS 17.

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