After a gestation period of more than 20 years the International Accounting Standards Board (IASB) finally published its new accounting standard for insurance contracts in May 2017. Having only recently completed the painful, and costly, experience of implementing Solvency II, the publication of IFRS 17 Insurance Contracts has not been met with unbridled enthusiasm by the insurance industry, which is concerned that the costs of implementation might significantly outweigh any perceived benefits.