In brief: A look at current financial reporting issues - IFRS 17 marks a new epoch for insurance contracts accounting

Jun 2017

On 18 May 2017, the IASB finished its long-standing project to develop an accounting standard on insurance contracts and published IFRS 17, ‘Insurance Contracts’. IFRS 17 replaces IFRS 4, which currently permits a w ide variety of practices. 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.

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