IFRS 17 Insurance Contracts: key accounting changes at a glance

The International Accounting Standards Board (IASB) has issued IFRS 17 Insurance Contracts. Here we provide an overview of the key elements of the new accounting standard

The new standard replaces IFRS 4, Insurance Contracts. IFRS 17 is a comprehensive standard for insurance contracts, in contrast to IFRS 4, which was issued as an interim standard that permitted companies to continue their accounting practices for insurance contracts and focused on enhancing disclosures on the amount, timing and uncertainty of future cashflows from insurance contracts.

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