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IFRS 17 Insurance Contracts was issued by the International Accounting Standards Board (Board) in 2017 and comes into effect in 2021. Financial journalist Liz Fisher takes a look at what the new Standard means for the investor community.
The insurance sector has long been a special case when it comes to financial reporting. The complexity of insurance, its long-term nature and the inherent difficulty in identifying 'revenue' as any other business would understand it has set it apart—with the result that an insurance company’s financial statements look and feel unlike any other. But that will change in 2021 with the implementation of the Board's new global Standard, IFRS 17 Insurance Contracts.
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