Bloomberg Tax
April 20, 2023, 4:20 PM

New IFRS 17 Will Affect Many Companies With Insurance Contracts

Mhalou Abadiano
Mhalou Abadiano

Beginning in 2023, the new International Financial Reporting Standards 17, Insurance Contracts, applies to all “insurance contracts” regardless of the issuer, with implications not only on accounting and finance, but also taxes, policies, and processes.

The new standard, known as IFRS 17, applies to more than just insurance companies. Some non-insurers could issue a contract to which IFRS 17 will apply, such as entities that issue product breakdown contracts or a car dealer that issues roadside assistance and maintenance contracts. Other entities that may be impacted include general building, mining, civil, manufacturing, and transportation businesses.

IFRS 17 replaces IFRS ...

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