In 2021, insurers will apply the new accounting requirements in IFRS 17 Insurance Contracts. Since the IASB issued IFRS 17 in May 2017, it has been providing support to insurers and others in understanding these new requirements.
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 IASB recognises that implementing IFRS 17 will be challenging, so it has made available many tools to help: letterbox, webcasts and webinars, transition resource group, events and investor education.
Full press release
© IASB - International Accounting Standards Board
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