IFRS 17 has been published ushering in new Insurance Contracts Standards. IFRS 17 replaces IFRS 4 and promises fundamental changes to insurance accounting practices.
The new standards will attempt to increase transparency of a company’s profitability of new and current insurance business. It will also allow analysts to more accurately assess the health of insurance companies.
The implementation date is 2021, and the IASB has published an “Effects Analysis” to help companies assess the costs and benefits of implementation.