The International Accounting Standards Board (IASB) issued International Financial Reporting Standard (IFRS) 17, which is the international standard for insurance contracts. The standard will become effective on January 1, 2021, which provides enough time for insurers to adapt processes, systems, and organizational structures. Once it becomes effective, it will help better understand insurers' risk exposure, profitability and financial position. IFRS 17 introduces a consistent approach applicable to all insurance contracts in jurisdictions applying IFRS. Insurance obligations will be accounted for using current values, instead of historical cost, benefiting both investors and insurance companies.
Topics of this Webinar include: