IFRS 17 Explained
Explaining the new accounting standard for insurance contracts
IFRS 17 is the newest IFRS standard for insurance contracts and replaces IFRS 4 on January 1st 2022. It states which insurance contracts items should by on the balance and the profit and loss account of an insurance company, how to measure these items and how to present and disclose this information.
Mainly to make the financial statement easier to compare across insurance companies and among industries. Though it is a big change for insurance companies as data administration, financial presentation and actuarial calculations will need to change! This website will help you to understand the different topics.
IFRS 17 in 3 Minutes
IFRS 17 will have impact on
Big changes in the P&L and the balance, with new components, like the risk adjustment and the CSM
Interaction is needed between IT, actuarial and financial departments to be able to report timely.
Data needs to be administrated on lower level with more history while systems need to run fast(er).
Articles explaining how the IFRS 17 model work, the different approaches, scope and recognition
Articles regarding how to disclose the newly IFRS 17 data and which data elements are needed
Timelines are further explained and how to measure contracts for which you don’t have all the needed information
IFRS 4 & 9 and Solvency
Comparing IFRS 17 versus IFRS 4, IFRS 9 and Solvency II. What are the differences and similarities
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