What is IFRS 17?

IFRS 17 is an International Financial Reporting Standard that provides a comprehensive and consistent accounting model for insurance contracts. It aims to increase the transparency and comparability of financial statements by requiring insurance companies to provide more useful information about their insurance contracts. Key changes include measuring insurance contracts at their current value (fulfillment cash flows) and recognizing profit as services are provided, rather than upfront. This helps investors and other users of financial statements to better understand the financial position and performance of insurance companies.