IFRS 17 ‘Insurance Contracts’ represents the culmination of a twenty year project by the International Accounting Standards Board (IASB) to improve the comparability of companies that issue insurance contracts.
Replacing IFRS 4
The new Standard replaces the similarly titled IFRS 4 (which was issued some time ago as an interim Standard) and will have an impact on data, technology solutions and investor relations as well as financial reporting. The new Standard has an effective date of 1 January 2021 but may be applied earlier (subject to considerations imposed by local legislation).
Get to grips with IFRS 17
Our publication entitled 'Get to grips with IFRS 17' is designed to help prepare and guide you for this major new Standard. It explains the Standard’s key features and provides insights into their application and impact.
To discuss the issues presented by the Standard in further detail, please contact your local member firm.