The International Accounting Standards Board (IASB) issued IFRS17 Insurance Contracts (the standard) in May 2017, effective for annual periods beginning on or after 1 January 2021, with earlier application permitted. 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.
More than 20 years in development, IFRS 17 represents a complete overhaul of accounting for insurance contracts.
The new standard will increase the transparency of insurers’ financial positions and performance, and is intended to make their financial statements more comparable with both other insurers and other industries. Scroll down to take a closer look at the new Insurance Contracts standard and click on the link below to download the publication in full.
What you need to know
If you would like to discuss any of the topics raised in this report, please don’t hesitate to get in touch with me, or your usual EY contact.
