The new International Financial Reporting Standard (IFRS) 17 for insurance contracts will soon take effect. This standard will significantly impact how insurance companies account for their contracts.
What is IFRS 17?
IFRS 17 is a new accounting standard that will change the way insurance companies account for their contracts. The standard is designed to provide more transparency and comparability in the financial reporting of insurance companies.
Who needs to comply with IFRS 17?
All insurance companies that are subject to IFRS standards will need to comply with IFRS 17.
When does IFRS 17 come into effect?
IFRS 17 comes into effect for annual reporting periods beginning on or after January 1, 2023.
How can Signature Business Solutions help?
Signature Business Solutions (SBS) can help insurance companies comply with IFRS 17. SBS offers a range of services, including data management and consulting, to help businesses with the transition to the new standard.
Don’t wait until it’s too late! Contact Signature Business Solutions today to learn more about IFRS 17 and how we can help you comply.