IFRS 17 Insurance Contracts is the first truly international and comprehensive IFRS Standard for insurance contracts. It comes into force in 2021 and will require all insurance contracts to be accounted for in a consistent manner, replacing today’s multitude of different approaches.
In this short Debrief video, IASB Chairman Hans Hoogervorst provides an overview of the current situation and the problems with today’s accounting for insurance contracts. He also explains how the new Standard will solve these problems, providing investors with better information and enabling them to make comparisons between companies.
Further information about IFRS 17 can be found using the links on the right hand side.
The video is also available on our YouTube channel.