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IFRS 17 is the first truly international IFRS Standard for insurance contracts.
IFRS 17 replaces IFRS 4 Insurance Contracts.
IFRS 17 is the first truly international IFRS Standard for insurance contracts.
IFRS 17 replaces IFRS 4 Insurance Contracts.
When introduced in 2004, IFRS 4—an interim Standard—was meant to limit changes to existing insurance accounting practices.
Hence, IFRS 4 has allowed insurers to use different accounting policies to measure similar insurance contracts they write in different countries. Some practices currently used by insurance companies have evolved in tandem with circumstances in particular countries; often the practices address only insurance products most prevalent in a country.
In many cases, features of the accounting models used by the insurance industry are inconsistent with the IFRS Standards applied by other industries in the same country—limiting comparisons with other industry sectors.
IFRS 17 provides consistent principles for all aspects of accounting for insurance contracts. It removes existing inconsistencies and enables investors, analysts and others to meaningfully compare companies, contracts and industries.