Insurance contracts for non-insurers
Timothy Rogerson explains the relevance of the new insurance accounting standard, IFRS 17, to non-insurers.
The June 2020 amendments made targeted changes to IFRS 17 in response to concerns and challenges raised by stakeholders during implementation. The major changes from the amendments likely to be most relevant to non-insurers are:
Warranties issued (including extended warranties)
Warranties provided by a manufacturer, dealer or retailer in connection with the sale of its goods or services are outside the scope of IFRS 17. However, other warranties, such as those provided by a third party or those provided by a manufacturer, dealer or retailer not connected with the sale of its goods are within scope.
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