IFRS Newsletter No. 04 – 2017

After being in the pipeline for more than ten years, IFRS 17 has finally been approved and published by the IASB. The new standard is therefore likely to cause considerable changes, with impact varying significantly from one company to another, since it will replace the interim standard IFRS 4 that permitted insurance companies to use local accounting frameworks.

On May 18, 2017, the IASB published IFRS 17, Insurance Contracts. This marks the end of the last major standard-setting project of the past decade. IFRS 17 will replace the interim standard IFRS 4 for financial periods beginning on or after January 1, 2021.

On another note, the IASB has launched the Post-implementation Review of IFRS 13, which relates to fair value measurement.

SUMMARY

IFRS Highlights

  • IASB launches Post-implementation Review of IFRS 13
  • Accounting for insurance contracts set to change over to IFRS 17

Upcoming meetings of the IASB and the IFRS Interpretations Committee

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