Executive summary
Grant Thornton International Ltd has published three new publications in the Insights into IFRS 17 series:
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Scope;
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Initial recognition and measurement;
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Subsequent measurement.
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 provides insights into its application and impact.
The first new publication explains the objective and scope of IFRS 17. The second new publication explains the initial recognition and measurement of insurance liabilities under IFRS 17 and the third new publication succinctly explains the subsequent measurement of insurance liabilities under IFRS 17. The new publications are as follows:
- Scope;
- Initial recognition and measurement;
- Subsequent measurement.
Resources
The publications mentioned above follow this IFRS Adviser Alert.
