From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More
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IFRS 17: International insurance accounting
From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More
IFRS 17: International insurance accounting
- [Instructor] IFRS 17 is a transformative international accounting standard developed by the International Accounting Standards Board, or IASB, and it's specifically for insurance contracts. Effective as of 2023, IFRS 17 replaces IFRS 4, introducing a more consistent and transparent approach to insurance accounting. IFRS 17 establishes principles for recognizing, measuring, presenting, and disclosing insurance contracts. Its main objectives are to improve comparability across insurers globally and provide greater transparency into the financial performance of insurance companies. Under the previous standard, IFRS 4, accounting practices varied widely and that led to inconsistencies, as you might expect. IFRS 17 addresses this by introducing a comprehensive measurement framework for insurance contracts. Now, there are three key components to understanding IFRS 17. Contractual service margins, fulfillment cash flows, and discounting and risk adjustment. Starting with contractual…
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