IASB Implementation information - read more

Overview

IN1 IFRS 17 Insurance Contracts establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts issued. It also requires similar principles to be applied to reinsurance contracts held and investment contracts with discretionary participation features issued. The objective is to ensure that entities provide relevant information in a way that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that contracts within the scope of IFRS 17 have on the financial position, financial performance and cash flows of an entity.

IN2 IFRS 17 is effective for annual periods beginning on or after 1 January 2021. Earlier application is permitted.

IN3 IFRS 17 supersedes IFRS 4 Insurance Contracts.

Reasons for issuing the Standard