IFRS 17 Insurance Contracts
International Financial Reporting Standard 17
Overview of IFRS 17
- Issued: in 2017
- Effective date: 1 January 2023
- What it does:
- It establishes the principles for recognition, measurement, presentation and disclosure of insurance contracts.
- It introduces a few models for financial reporting of insurance contracts: general model, premium allocation approach, model for re-insurance contracts and other..
- It provides extensive guidance on accounting for insurance contracts.
Articles about IFRS 17
- Summary of IFRS 17 Insurance Contracts
- Example – initial measurement of insurance contracts In this practical article, you’ll learn how to measure both onerour and profit-making insurance contracts on initial recognition. Also, there is a video at its end.
- IFRS 17 – 3 greatest misconceptions – top 3 false assumptions that people make in relation to IFRS 17.
Questions and Answers
- Which closing rate to apply? – in this podcast I explain which currency rate to use for year-end translation when more rates are available.
- How to capitalize exchange rate differences on your loan as a borrowing cost?
- How to determine a functional currency when a company deals with more currencies?
Other Resources
- IFRS Kit – learn IFRS in 150+ videos, 150+ excel case studies, quizzes, certificates
- Expected Credit Loss for Accountants – highly specialized course focused on ECL under IFRS 9 with step-by-step example related to trade receivables, many practical insights included.