(paragraphs 93-132 of IFRS 17)

BC347 The Board decided that an entity should disclose information that gives a basis for users of financial statements to assess the effect that contracts within the scope of IFRS 17 have on the entity's financial position, financial performance and cash flows. To achieve this disclosure objective, information is needed about the amounts recognised in the financial statements, the significant judgements and changes in judgements made when applying IFRS 17, and the nature and extent of risks that arise from contracts within the scope of IFRS 17. The disclosure objective is supplemented with some specific disclosure requirements designed to help the entity satisfy this objective. By specifying the objective of the disclosures, the Board aims to ensure that entities provide the information that is most relevant for their circumstances and to emphasise the importance of communication to users of financial statements rather than compliance with detailed and prescriptive disclosure requirements. In situations in which the information provided to meet the specific disclosure requirements is not sufficient to meet the disclosure objective, paragraph 94 of IFRS 17 requires the entity to disclose additional information necessary to achieve that objective.