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IFRS 17 for non-insurers
The new insurance Standard is effective from 1 January 2023 and will apply for all companies – not just insurers.
IFRS 17 changes the definition of insurance contracts. Although some contracts may not be explicitly titled “insurance”, they may still meet the definition of an insurance contract, and fall within the scope of IFRS 17. The assessment as to whether a contract is an insurance contract can be very complex. Non-insurers will need to pay attention to the scope of IFRS 17, which includes exceptions and exemptions that require or allow some insurance contracts to be accounted for applying another IFRS Accounting Standard.
IFRS 17 affects more than just insurance companies. The new insurance contract Standard applies more widely, capturing contracts issued by non-insurers, and it will be important to assess contracts that may not have traditionally been considered insurance contracts but which may now be in scope of IFRS 17.
Nadine Kusche, Director, Leader IFRS and
Corporate Reporting Centre of Excellence
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