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 (7)
Disclosure
| Code | Title |
|---|---|
| IFRS17-121 | Nature and Extent of Risks (Para 121-132) |
| IFRS17-93 | Disclosure Objectives (Para 93-94) |
| IFRS17-97 | Amounts Recognised (Para 97-116) |
Measurement - General Model
| Code | Title |
|---|---|
| IFRS17-32 | Fulfilment Cash Flows (Para 32-37) |
| IFRS17-38 | Contractual Service Margin (Para 38-46) |
| IFRS17-40 | Subsequent Measurement (Para 40-52) |
Measurement - Premium Allocation Approach
| Code | Title |
|---|---|
| IFRS17-53 | Simplified Approach (Para 53-59) |
| IFRS17-55 | Liability for Remaining Coverage under PAA (Para 55-56) |
Presentation
| Code | Title |
|---|---|
| IFRS17-78 | Statement of Financial Position (Para 78-79) |
| IFRS17-80 | Statement of Financial Performance (Para 80-92) |
| IFRS17-83 | Insurance Revenue (Para 83-86) |
Recognition
| Code | Title |
|---|---|
| IFRS17-14 | Recognition of Groups of Insurance Contracts (Para 14-24) |
| IFRS17-15 | Level of Aggregation (Para 14-24) |
Reinsurance and Modifications
| Code | Title |
|---|---|
| IFRS17-60 | Reinsurance Contracts Held (Para 60-70A) |
| IFRS17-72 | Contract Modifications (Para 72-75) |
Scope and Definitions
Defines nursing personnel as all categories of persons providing nursing care and services, wherever they work.
| Code | Title |
|---|---|
| 64.2001 | Basis and Purpose |
| 64.2003 | Definitions |
| 64.2004 | Customer Approval Mechanisms |
| Art. 1 | Open Finance Implementation |
| Art. 2 | Consent Definition |
| Art. 3 | Objectives of Open Finance |
| ILO-C149-01 | Article 1 — Definition of nursing personnel covering all categories providing nursing care and services |
Maps to 496 other frameworks
Frequently Asked Questions
What is IFRS 17 — Insurance Contracts?
IFRS 17 — Insurance Contracts is a compliance framework from International (IASB) with 7 domains and 22 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 22 controls organised across 7 domains. The largest domains are Scope and Definitions (7 controls), Disclosure (3 controls), Measurement - General Model (3 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 496 other compliance frameworks. The top mapping partners are EU PSD3 and Payment Services Regulation (Proposed) (14% coverage), FTC GLBA Safeguards Rule (16 CFR Part 314) (14% coverage), Rhode Island Data Transparency and Privacy Protection Act (RIDTPPA) (14% 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 22 controls and track your progress.
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