WHAT ARE THE OBJECTIVES AND SCOPE FOR IFRS 17

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Objectives of IFRS 17:

IFRS 17 deals with Insurance contracts covering the recognition and measurement, presentation and disclosure of the same in the financial statements. The objective of this standard is to ensure that the company/entity complies and provides relevant information with respect to such contracts which shall help the users of financial statements to assess the impact of such contracts on the company's financial statements including the cash flow statement.

Scope of IFRS 17:

IFRS 17 applies to all types of insurance contracts (i.e. Life insurance, non-life insurance, direct insurance and also re-insurance) regardless of the entity type which are issuing them. It also applies to certain guarantees and also financial instruments which has discretionary participation features. There are few scope exceptions which shall apply if these contracts are covered under IFRS 15 Revenue from contracts and if meets certain conditions.

ekkarill92 answered 1 year ago

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