The new IFRS standard for insurance contracts – IFRS 17 – was issued by the International Accounting Standards Board (IASB) in May last year but it won't be effective until 2021 (ie, accounting periods beginning on or after 1 January 2021 will be affected). Because implementing new accounting standards can be challenging, the IASB is currently undertaking a number of activities to help companies prepare well ahead of time.

The following animation outlines three key ways of supporting implementation of IFRS 17 Insurance Contracts, and to show what work is being done to help users of financial statements in the run-up to the effective date of 2021.

Supporting implementation of IFRS 17 Insurance Contracts