IFRS 17 – Insurance Contracts
Summary of standard – The East African Edition
We are pleased to share with you an executive summary of the International Financial Reporting Standard for Insurance Contracts, (IFRS17). As previously communicated, the guideline – published by the International Accounting Standards Board (IASB) - will take effect on 1 January 2021.
We share with you the background of IFRS 17, its scope, an overview of the new accounting model and the level of aggregation that the new standard will require insurers to undertake. We also shed light on the changes in disclosures as well as the transition requirements.
We are in the process of finalising a detailed technical review of the standard, which will give an in-depth analysis on how insurers can prepare for the implementation of IFRS17.
We trust you will find this a useful read, as you seek to build your understanding of the new standard.