IFRS 17 – insurance contracts: get ready

Ten years after the publication of the first discussion paper on insurance contracts, the new International Financial Reporting Standard (IFRS) 17 was published on 18 May 2017, with a first application date set for 1 January 2022. IFRS 17 represents the most significant change to insurance accounting in decades.

Under the new standard, the measurement and accounting principles for insurance liabilities are fundamentally changed and will impact future performance indicators. Insurance companies now have less than three years in which to introduce the standard and anticipate the impacts which will affect every aspect of the organisation.