Disclosure Reminders For The First Annual Financial Statements Applying IFRS 17

What is the issue?

IFRS 17 is effective for annual reporting periods beginning on or after 1 January 2023 and represents a fundamental change in accounting in the insurance industry. Its predecessor, IFRS 4, largely allowed companies to continue applying many different accounting approaches across jurisdictions and product types based on pre-existing local GAAP. IFRS 17 introduces increased comparability across the insurance industry, with one set of principles based requirements for recognition, measurement, presentation and disclosure.