IASB Member Gary Kabureck outlines the similarities between key requirements in IFRS 17 and those in other IFRS Standards.
In 2017, the IASB issued a new IFRS Standard to help address these and other concerns about the accounting for insurance contracts. IFRS 17 Insurance Contracts—which companies will apply in 2021—is the first truly international standard for insurance contracts. Although the requirements in IFRS 17 are very different to existing accounting for insurance contracts in most of the world, they are based on well-known principles from other IFRS Standards. So IFRS 17 will help reduce the comparability gap between the accounting in the insurance industry and the accounting in other industries.
This article outlines the similarities between the following key requirements in IFRS 17 and those in other IFRS Standards:
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the measurement of obligations at current value; and
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the recognition of revenue as a company provides services to its customers.
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