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Implementing IFRS 17

Implementing IFRS 17

The amendments in detail – we look at the eight key areas affected

The amendments in detail – we look at the eight key areas affected

What's the latest news on IFRS 17?

The insurance contracts standard, IFRS 17, promises a new era of increased transparency and reduced diversity in the accounting for insurance contracts. 

After issuing IFRS 17 in May 2017, the International Accounting Standards Board (the Board) has been monitoring and supporting its implementation and has learned much about stakeholders’ concerns and implementation challenges. 

The effective date of IFRS 17 has been deferred by two years – to 1 January 2023 – and amendments have been made in eight key areas. See below for summaries of the amendments.

Now fully updated to reflect the revised version of IFRS 17, our First Impressions: 2020 edition provides our detailed analysis and insight on the amended standard, and considers how it may affect insurers’ financial statements.

The Transition Resource Group for Insurance Contracts (TRG) also discussed several of the issues raised by stakeholders at its four substantive meetings in 2018 and 2019. 

Read our analysis of the topics discussed by the Board and the TRG. 

 

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