IFRS 17 Insurance Contracts—Help is at hand

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Dec 07, 2017

On December 7, 2017, the International Accounting Standards Board (IASB) released a summary of the tools to help with the implementation of IFRS 17, "Insurance Contracts".

Implementing IFRS 17 represents fundamental changes for some insurers. Many concepts in IFRS 17 are new; it is the first time an IFRS Standard has prescribed the measurement of insurance contracts. Because insurers currently use local requirements to account for their insurance contracts, they will approach the transition to the new accounting requirements from many different perspectives. Applying the requirements in IFRS 17 will prompt changes in insurers’ operations; for example, many insurers may have to upgrade their data, systems and processes.

The tools include:

Review the press release on the IASB's website.

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