What IFRS 17 Insurance Contracts - Effective Implementation (January 2023): Measurement Models, Contractual Service Margin and Onerous Contracts requires
Effective for annual reporting periods beginning on or after January 1, 2023, IFRS 17 mandates that all entities issuing insurance contracts adopt a new accounting model for their recognition, measurement, presentation, and disclosure. This standard, as per Appendix C, replaces IFRS 4 and requires insurers to measure insurance liabilities using current assumptions, explicitly identify profits in the Contractual Service Margin (CSM), and recognize losses from onerous contracts immediately.
Pillar: Insurance & Risk · Authority: International Accounting Standards Board (IASB) · Version: 1.0.0 · Last updated:
Primary source: https://www.ifrs.org/issued-standards/list-of-standards/ifrs-17-insurance-contracts/
SHA-256 integrity: 5786929a968cc892b2c8901496c48c1cf9cb8f5369e4a9f26a54abe4ef0f1383
Primary Citations — 8 traced to source
- IFRS 17, Appendix C: Effective date and transition, Paragraph C1
- IFRS 17, Paragraph 32: Measurement on initial recognition - General measurement model (GMM)
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