Insights into IFRS 17 Insurance Contracts

The Grant Thornton International IFRS team has published the first publication in the Insights into IFRS 17 series:

• Impact on non-insurance entities.

The International Accounting Standards Board (IASB) issued IFRS 17 Insurance Contracts to replace the identically titled, interim standard, IFRS 4.

The new standard came into effect for reporting periods beginning on or after January 1, 2023. As its title suggests, IFRS 17 addresses the accounting for insurance contracts rather than being explicitly aimed at insurance entities. As a result, it applies equally to insurance contracts issued by insurance and non-insurance entities.

The Insights into IFRS 17 series explains the key features of the standard and provide insights into its application and impact.

The first publication in the series focuses on the scope of the standard, specifically as it relates to activities and contracts issued by non-insurance entities. It aims to give an overview of the key risks and points to consider when assessing whether a contract is in the scope of IFRS 17.

Download this IFRS Adviser Alert for more information.