IFRS 17 Insurance Contracts

E454595

Accounting standard Insurance accounting standard International Financial Reporting Standard

IFRS 17 Insurance Contracts is an international accounting standard that sets out principles for the recognition, measurement, presentation, and disclosure of insurance contracts to ensure consistent and transparent financial reporting by insurers.

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Statements (60)

Predicate	Object
instanceOf	Accounting standard ⓘ Insurance accounting standard ⓘ International Financial Reporting Standard ⓘ
abbreviation	IFRS 17 NERFINISHED ⓘ
aimsToImprove	Comparability of insurers’ financial statements ⓘ Transparency of insurance contract obligations and performance ⓘ
appliesTo	Direct participating insurance contracts ⓘ Insurance contracts ⓘ Non‑participating insurance contracts ⓘ Reinsurance contracts held ⓘ Reinsurance contracts issued ⓘ
developedUnder	IFRS Foundation NERFINISHED ⓘ
earlyApplicationPermitted	Yes ⓘ
effectiveDate	1 January 2023 ⓘ
fullName	International Financial Reporting Standard 17 Insurance Contracts NERFINISHED ⓘ
governs	Disclosure of information about insurance contracts ⓘ Measurement of insurance contract assets and liabilities ⓘ Presentation of insurance revenue and profit ⓘ Recognition of insurance contract liabilities ⓘ
issuedBy	IASB NERFINISHED ⓘ International Accounting Standards Board NERFINISHED ⓘ
keyComponent	Contractual service margin ⓘ Fulfilment cash flows ⓘ Risk adjustment for non‑financial risk ⓘ
mandatoryApplicationFrom	Annual reporting periods beginning on or after 1 January 2023 ⓘ
measurementModel	Building block approach ⓘ General measurement model ⓘ Premium allocation approach ⓘ Variable fee approach ⓘ
objective	Ensure consistent accounting for insurance contracts ⓘ Provide information about profitability of insurance contracts ⓘ Provide transparent and comparable information about insurance contract obligations ⓘ Provide useful information about future cash flows from insurance contracts ⓘ
region	Jurisdictions that have adopted IFRS Standards ⓘ
relatedTo	IFRS 15 Revenue from Contracts with Customers NERFINISHED ⓘ IFRS 4 Insurance Contracts NERFINISHED ⓘ IFRS 9 Financial Instruments NERFINISHED ⓘ
replaces	IFRS 4 Insurance Contracts NERFINISHED ⓘ
requires	Current estimates of future cash flows ⓘ Disclosure of significant risks arising from insurance contracts ⓘ Discounting of future cash flows using current discount rates ⓘ Explicit risk adjustment for non‑financial risk ⓘ Extensive disclosures about judgements and assumptions ⓘ Grouping of insurance contracts into portfolios ⓘ Identification of onerous groups of contracts ⓘ Presentation of insurance finance income or expenses ⓘ Recognition of contractual service margin ⓘ Reconciliation of contract balances ⓘ Separate presentation of insurance revenue and insurance service expenses ⓘ Systematic allocation of contractual service margin over coverage period ⓘ
scope	Insurance contracts issued by entities ⓘ Reinsurance contracts held by entities ⓘ
scopeExclusion	Contingent consideration in a business combination ⓘ Contractual rights or obligations contingent on future use of a non‑financial item ⓘ Direct insurance contracts that an entity holds ⓘ Employers’ assets and liabilities under employee benefit plans ⓘ Financial guarantee contracts within the scope of IFRS 9 when the issuer applies IFRS 9 ⓘ Product warranties issued directly by a manufacturer, dealer or retailer ⓘ
standardNumber	17 ⓘ
topic	Insurance contracts accounting ⓘ

Referenced by (1)

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International Financial Reporting Standards → hasStandard → IFRS 17 Insurance Contracts ⓘ