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Article Posted date 14 October 2020

Since its initial publication in May 2017, IFRS 17 Insurance contracts has been the subject of much discussion, deliberation and change. The International Accounting Standards Board (the Board) has been monitoring and supporting discussions and made amendments in eight key areas.

Throughout this process we have been keeping readers apprised of developments. You can learn more about the considerations that led to each of these amendments in our analyses below.

Discussions on the amendments

Magnifying glass

Identifying the insurance contract

Assessing what is accounted for under IFRS 17 and what components of a contract are separated
Computer screen

Measuring insurance cash flows

Determining how to measure the fulfilment cash flows for insurance contracts
Ruler, pencil and set square

Measuring the CSM

Determining how to measure the contractual service margin
Cogs

Transitioning to IFRS 17

Applying IFRS 17's transition requirements
Map

Defining contract boundaries

Distinguishing between cash flows relating to existing and future contracts
smartphone

Direct participating contracts

Applying IFRS 17's requirements for direct participating contracts
Calculator

Accounting for reinsurance contracts held

Assessing how to account for reinsurance contracts held by an insurer
Checklist

Presentation and disclosure requirements

Determining what to disclose and how to disclose it under IFRS 17