Insurance companies who currently disclose under IFRS need to implement the new accounting standards; IFRS 9 and IFRS 17. In this article I will explain why these new accounting standards are needed, summarize their meaning and clarify the main implementation challenges. What is IFRS? The goal of IFRS is to […]
Category: IFRS 4 & 9 and Solvency
Comparing IFRS 17 versus IFRS 4, IFRS 9 and Solvency II. What are the differences and similarities
Why does IFRS 17 replace IFRS 4
IFRS standards are established in order to have a common accounting language, so business and accounts can be understood and compared from company to company and from country to country. IFRS 4 explains how to disclose insurance contracts, but to put it simple, there are too many issues with IFRS […]