In May 2017, the International Accounting Standards Board (IASB) issued IFRS 17: Insurance Contracts, which replaced IFRS 4. It is a new insurance contracts accounting standard, effective form 1 January 2022 and requiring one year of comparative disclosures.
Insurance companies will face complex changes, related to the introduction of new international accounting standards and changing regulatory requirements.
IASB is expected to improve the comparability and quality of information in insurance companies’ financial statements, supporting a better understanding of risk exposure, profitability and the financial position of insurers, ensuring a timely recognition of expected losses.
The IFRS 17 brochure will consist of:
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