IFRS 17 and Its Effect On The Global Insurance Sector

The new accounting standard IFRS 17 is due to come into force on January 21st, 2021 replacing the existing IFRS 4 standard. Its aim is to improve consistency and transparency across the insurance sector.

With 125 countries around the world currently using IFRS standards, the changes are predicted to affect a large majority of the global insurance sector. As a result, insurance companies all around the world are making the necessary preparations to ensure a smooth transition to the new standard.

For further details about IFRS 17 and the impact it will have on the insurance sector, click the link.