The International Accounting Standards Board (IASB) published IFRS 17 ‘Insurance Contracts’ (IFRS 17 or the Standard) which became effective on 1 January 2023.
Contents
This Standard introduced insurance contract measurement principles that require the use of:
- current, explicit and unbiased estimates of future cash flows
- discount rates that reflect the characteristics of the contracts’ cash flows, and
- an explicit adjustment to reflect the presence of non-financial risk associated with the timing and amount of cash flows anticipated during the contract period.
The articles in our ‘Insights into IFRS 17’ series explain the key features of the Standard and provide insights into their application and impact. This article explains the objective and scope of IFRS 17.
