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:
© 2020 KPMG, a United Arab Emirates partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.