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Accounting Update (2017 – 02): IFRS 17 Insurance Contracts
The International Accounting Standards Board released IFRS 17 Insurance Contracts on the 18th of May 2017. This standards replace the interim standard IFRS 4. The main objective of IFRS 17 Insurance Contracts is to standardise the accounting for insurance contracts; previously there were an array of accounting options used in practice. Preparers of financial statements have just over 3 years to prepare for the change as IFRS 17 Insurance Contracts only becomes effective from 1 January 2021 although early adoption is permitted. Early adoption is allowed only if the entity also applies IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers. Download the publication to read more.
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