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
Easing the transition to new IFRS 17 for insurance contracts
IFRS 17 has been called “the first truly international IFRS standard for insurance contracts” and will come into effect from the start of 2021, replacing IFRS 4 Insurance Contracts
IFRS 17 for insurance contracts: a global standard
Last week the IASB issues IFRS 17 – the first truly international and comprehensive IFRS Standard for insurance contracts – which will come into force in 2021 although companies can apply it earlier
IFRS 9 and IFRS 15 are now live
Huge impact for all companies