Have you ever wondered…

• What is IFRS 17?
• Why is it important?
• How does it work?
• What does it apply to?
• When does it go into effect?

The following is a basic primer for beginners, answering all these questions and more!

What is IFRS 17?
IFRS 17 Insurance Contracts establishes principles for the:

• Recognition;
• Measurement;
• Presentation;
• Disclosure of insurance contracts.

Why is IFRS 17 important?
The main characteristics of the new standard:

• Make the insurance sector more understandable to the investors. Thus, improving comparison
  between financial reporting and information given;
• Consistency in financial reporting of insurance companies in different markets;
• Profits released based on the service held;
• Discounting used to reflect the cashflows.