IFRS 17 Materials & Information Library
In May 2017 the International Accounting Standards Board (IASB) issued the first truly international IFRS Standard for insurance contracts, IFRS 17 Insurance Contracts, replacing IFRS 4 Insurance Contracts.
IFRS 17 has an effective date of 1 January 2021 but companies can apply it earlier.
The Board maintains a website relating to activity around IFRS 17. We have compiled a list of useful educational materials containing information on this activity below. Please check back regularly for new materials, as we will update this page as they become available.
Summary and Overview
Webcasts and Podcasts
Introducing IFRS 17
An introduction to the IFRS 17 insurance standards.
Scope of IFRS 17
Describes which products are in and out of scope for IFRS 17.
Measurement essentials (July 2017): Parts I and II
Explains the initial and subsequent measurement of fulfilment cash flows and the Contractual Service Margin.
Simplified accounting for contracts with short coverage periods (August 2017): Parts I and II
Describes the eligiblity, measurement, presentation and disclosure of the Premium Allocation Approach.
Reinsurance Contracts held (September 2017)
Describes the recognition, measurement, eligibility for simplified accounting, presentation and disclosure of reinsurance contracts held under IFRS 17.
Recognition and derecognition (November 2017)
Discusses and explains the core requirements of when to recognise and derecognise Insurance contracts either written by an entity, acquired through an IFRS 3 business combination or transferred.
Transition to IFRS: Parts I and II
Provides an overview and deep dive in to the requirements surrounding the transition from IFRS 4 to IFRS 17, including a look in to the alternative approaches; full retrospective, modified retrospective and fair value.
Levels of Aggregation: Parts I and II
Provides an insight into why and how insurance contracts are grouped and the specific requirements around recognising and derecognising contracts.
The Accounting Model (January 2018)
A high-level, one page summary of the IFRS 17 balance sheet and profit and loss statement under the general model, variable fee approach and premium allocation approach (webcast version).