Organisations have less than ten months before the new ‘insurance contracts’ standard, IFRS 17, becomes effective. This standard, Issued in 2017 and mandatorily applicable for annual reporting periods beginning on or after 1 January 2023, defines clear and consistent rules that will significantly increase the comparability of financial statements.
The standard applies to any organisation that issues insurance contracts, not only insurance businesses. However, for insurers, the transition to IFRS 17 will result in changes to their financial statements and key performance indicators.
