After several months of redeliberations, the International Accounting Standards Board (the Board) has published the final amendments to IFRS 17 Insurance Contracts.
Summary of amendments to IFRS 17
The following table takes a closer look at the key amendments by topic.
Topic | Key facts and impacts |
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Scope of IFRS 17 | |
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Measuring the contractual service margin (CSM) | |
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Transitioning to IFRS 17 | |
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Accounting for direct participating contracts | |
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Accounting for reinsurance contracts held | |
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Presentation and disclosure requirements | |
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Next steps
Insurers can now move ahead and apply the revised standard to get ready for transition.
You can watch our video and read our summaries of the Board’s amendments and the Transition Resource Group (TRG) for Insurance Contracts discussions in our pdf magazine Insurance – Transition to IFRS 17.
Our updated publication First Impressions contains detailed analysis and insight on the amended standard. Speak to your usual KPMG contact to find out more about the Board’s deliberations.
Find out more
Visit kpmg.com/ifrs17 to read all of our insights on the new insurance contracts standard. Also, our insights on insurers’ progress with IFRS 17 and IFRS 9 Financial Instruments implementation can be found on our In it to win it web page.
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