IFRS 17 - Impact on non-insurance entities
Scope of the Standard and situations where a contract issued by a non-insurance entity may fall within that scope.
The International Accounting Standards Board (IASB) published International Financial Reporting Standards 17 ‘Insurance Contracts’ (IFRS 17 or the Standard) which became effective on 1 January 2023.
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.
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We hope you find the information in this article helpful in giving you some insight into IFRS 17. If you would like to discuss any of the points raised, please contact us.
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