IFRS 17 - Insurance Contracts
IFRS 17 Insurance Contracts, issued by the IASB and effective January 1, 2023, establishes principles for the recognition, measurement, presentation, and disclosure of insurance contracts. It replaces IFRS 4 and provides a consistent global framework for insurance accounting. Key features include the General Measurement Model (building block approach), Premium Allocation Approach for short-duration contracts, and the Contractual Service Margin representing unearned profit.
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Framework Domains (8)
IFRS 17 Disclosure + Data Quality
| Code | Title |
|---|---|
| IFRS17-Disclosure-Amounts-Risks-DataQuality-Granularity | IFRS 17 - Disclosure + Objectives + Amounts Recognised + Significant Judgements + Nature and Extent of Risks + Data Quality + Granularity (Paragraphs 93-132) |
IFRS 17 General Measurement Model
| Code | Title |
|---|---|
| IFRS17-GMM-BBA-FulfilmentCashFlows-Discount-RiskAdjustment-CSM | IFRS 17 - General Measurement Model (GMM/BBA) + Fulfilment Cash Flows + Discount Rates + Risk Adjustment + Contractual Service Margin (CSM) (Paragraphs 32-52) |
IFRS 17 Governance + Coordination
| Code | Title |
|---|---|
| IFRS17-Governance-Controls-Coord-SolvencyII-IAIS-EIOPA-NAIC-PRA-APRA | IFRS 17 - Governance + Internal Controls + Coordination with Solvency II + IAIS + EIOPA + NAIC + PRA + APRA + 2024-2025 Pipeline |
IFRS 17 Premium Allocation Approach
| Code | Title |
|---|---|
| IFRS17-PAA-PremiumAllocationApproach-Eligibility-Simplified-1Year | IFRS 17 - Premium Allocation Approach (PAA) + Eligibility + Simplified Approach + 1-Year Coverage + Liability for Remaining Coverage (Paragraphs 53-59) |
IFRS 17 Presentation
| Code | Title |
|---|---|
| IFRS17-Presentation-StatementFinancialPosition-Performance-Revenue | IFRS 17 - Presentation + Statement of Financial Position + Statement of Financial Performance + Insurance Revenue + Insurance Service Result + Insurance Finance Income/Expense (Paragraphs 78-92) |
IFRS 17 Recognition + Aggregation
| Code | Title |
|---|---|
| IFRS17-Recognition-LevelOfAggregation-Portfolio-AnnualCohorts | IFRS 17 - Recognition + Level of Aggregation + Portfolio + Annual Cohorts + Onerous Contract Identification (Paragraphs 14-24) |
IFRS 17 Scope + Transition + Coordination
| Code | Title |
|---|---|
| IFRS17-Scope-IASB-2017-2023-ReplacesIFRS4-Coord-IFRS9-15-Solvency2 | IFRS 17 - Scope + IASB Issuance May 2017 + Effective 1 January 2023 + Replaces IFRS 4 + Transition + Coordination with IFRS 9 + IFRS 15 + Solvency II |
IFRS 17 VFA + Reinsurance + Modifications
| Code | Title |
|---|---|
| IFRS17-VFA-DirectParticipating-Reinsurance-Modifications-Derecognition | IFRS 17 - Variable Fee Approach (VFA) for Direct Participating Contracts + Reinsurance Held + Contract Modifications + Derecognition (Paragraphs 60-77) |
Your Compliance Coverage
If you comply with IFRS 17 - Insurance Contracts, you already cover:
Nevada Gaming Control Board Cybersecurity Requirements
13%
1 controls mapped
Compare →India CERT-In Cyber Security Directions 2022
13%
1 controls mapped
Compare →Bank Secrecy Act / Anti-Money Laundering (BSA/AML)
13%
1 controls mapped
Compare →+ 9 more: Singapore Payment Services Act 2019 (PSA) - Digital Payment Token Provisions (13%), UAE Virtual Asset Regulatory Authority (VARA) Regulations (13%)
See all 12 mapped frameworks ↓Maps to 12 other frameworks
Frequently Asked Questions
What is IFRS 17 - Insurance Contracts?
IFRS 17 - Insurance Contracts is a compliance framework from International (IASB) with 8 domains and 8 controls. IFRS 17 Insurance Contracts, issued by the IASB and effective January 1, 2023, establishes principles for the recognition, measurement, presentation, and disclosure of insurance contracts. It replaces IFRS 4 and provides a consistent global framework for insurance accounting. Key features include the General Measurement Model (building block approach), Premium Allocation Approach for short-duration contracts, and the Contractual Service Margin representing unearned profit. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
How many controls does IFRS 17 - Insurance Contracts have?
IFRS 17 - Insurance Contracts has 8 controls organised across 8 domains. The largest domains are IFRS 17 Disclosure + Data Quality (1 controls), IFRS 17 General Measurement Model (1 controls), IFRS 17 Governance + Coordination (1 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
What frameworks does IFRS 17 - Insurance Contracts map to?
IFRS 17 - Insurance Contracts maps to 12 other compliance frameworks. The top mapping partners are Nevada Gaming Control Board Cybersecurity Requirements (13% coverage), India CERT-In Cyber Security Directions 2022 (13% coverage), Bank Secrecy Act / Anti-Money Laundering (BSA/AML) (13% coverage). Use our comparison tool to explore control-level mappings between frameworks.
How do I get started with IFRS 17 - Insurance Contracts compliance?
Start your IFRS 17 - Insurance Contracts compliance journey by running a self-assessment on our platform to identify your current compliance posture. Our AI advisory can answer specific questions about IFRS 17 - Insurance Contracts requirements, and cross-framework mapping helps you leverage existing controls from other frameworks you may already comply with. Create a free account to access all 8 controls and track your progress.
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