On 18 May 2017, the International Accounting Standards Board (IASB) released the final version of IFRS 17, the new accounting standard for insurance contracts. IFRS 17, also known as IFRS 4 Phase II, replaces IFRS 4 in order to globally harmonise the different national accounting rules for insurance companies. According to the new international rules, insurance contracts are measured in a Building Blocks Approach at current value, based on periodically updated assumptions about cash flows, discount rates and risks. IFRS 17 applies as from 1 January 2021. Yet, the far-reaching accounting changes introduced by IFRS 17 require insurance companies to already start their implementation projects. Finalyse’s accounting experts help insurers to manage the transition to IFRS 17 – contact Silvio Santarossa for more information!
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