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IFRS 17 Insurance contracts

IFRS 17 Insurance Contracts establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts issued. The standard was published in May 2017 and is effective from 1 January 2021.

Full text standard

Unaccompanied version of IFRS 17
The International Accounting Standards Board (IASB) provides free access to the consolidated unaccompanied international accounting standards for the current year through its website. Free registration is required.

This unaccompanied version does not include additional content that accompanies the full standard, such as illustrative examples, implementation guidance and bases for conclusions.

IFRS 17 summary and timeline

Looking for the synopsis? Our IFRS 17 summary and timeline are now on a separate page, featuring information on current proposals and a timeline of IASB updates.

Which version of the standard?

Financial Reporting Faculty members have unlimited online access to the consolidated edition of IFRS and amendments through the IASB's eIFRS service. Please log into eIFRS to access electronic versions of the standards. Or find out more about how to join the faculty.

The ICAEW Library & Information Service also holds print versions of the IFRS standards. Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com

ICAEW guides and support


IFRS 17 Insurance contracts for non-insurers ๐Ÿ”’
Financial Reporting Faculty, 2 August 2018
This factsheet provides guidance for non-insurers assessing whether or to what extent they will be affected by the standard. It addresses the definition of an insurance contract, the available scope exemptions and whether they might apply, and what simplified approaches might be possible within the framework of the standard.

Annual factsheets

These exclusive factsheets, produced annually by the Financial Reporting Faculty for its members, highlight all new and modified requirements for preparers of IFRS accounts. Each annual edition focuses primarily on new requirements with mandatory application for preparers with periods beginning on or after 1 January of that year.

2020 IFRS accounts ๐Ÿ”’
Financial Reporting Faculty, 12 October 2020

2019 IFRS accounts ๐Ÿ”’
Financial Reporting Faculty, 4 December 2019

2018 IFRS accounts ๐Ÿ”’
Financial Reporting Faculty, 6 August 2018


Accounting for insurance IFRS 17 ๐Ÿ”’
Stephen Cooper, By All Accounts, January 2018
From the Financial Reporting Faculty's magazine, Stephen Cooper discusses the long-awaited but controversial new standard for insurance contracts.

Good things come to those who wait? ๐Ÿ”’
Andrew Carpenter, By All Accounts, July 2017
The IASB's new insurance contracts standard has been 20 years in the making. Andrew Carpenter, the Association of British Insurers' lead on IFRS and other financial reporting developments, wonders whether it's been worth waiting for.


IFRS Update June 2018 ๐Ÿ”’
Financial Reporting Faculty, 19 June 2018
This webinar provides a summary of new and revised standards applicable in 2018 and beyond. It looks at the lessons we can learn from those already implementing IFRS 9 and IFRS 15, the impact of IFRS 16 on 2018 financial statements, IFRS 17 for those who are not insurers, and other IFRS amendments and new IFRICs.

An introduction to IFRS 17 Insurance Contracts ๐Ÿ”’
Financial Reporting Faculty, 31 October 2017
This webinar provides an overview of IFRS 17 and how it will affect you and your clients. Topics covered include the general insurance accounting model, premium allocation and variable fee approaches, presentation and disclosure and transition.


Access to eBooks is only available to ICAEW members and ACA students – please log in to view these titles.

Insurance contracts (IFRS 17) ๐Ÿ”’
EY, International GAAP 2020 (2020)
The latest edition of this comprehensive guide offers a global perspective and explanations of complex technical accounting issues to help practitioners interpret and implement IFRS. It contains worked examples and illustrations from published financial reports of major listed companies from around the world. This chapter discusses IFRS 17.

If you have any difficulties using these eBooks, please see our Help and support advice or contact library@icaew.com.

Example accounts

IFRS model accounts and disclosure checklists
Online disclosure checklists, general IFRS illustrative statements and compliance questionnaires collected by the ICAEW Library.

Company Reporting (Croner-i)

The ICAEW Library can provide examples of real-life company reports to help keep you up-to-date with reporting practices and benchmark your financial reporting compliance. Company Reporting analyses current IFRS disclosures from public companies, organised by industry sector. It also provides in-depth monthly Common Practice reports on specific issues.

Contact us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com to get any documents from Company Reporting.

External resources

Some guides and comparisons that we link to may pre-date the latest amendments to this standard. While these resources contain useful information, please treat them with appropriate caution.

IFRS 17 fact sheet
Overview produced by the IFRS Foundation outlining the differences between IFRS 4 and IFRS 17, who will be affected and the timeframe for implementation.

Minimising accounting mismatches relating to financial risk for insurers
PwC, June 2020
Detailed guide identifies potential mismatches between how insurance contracts and the assets held to back them are recognised and measured. It explores the options available within IFRS 9 and IFRS 17, and discusses how hedge accounting could be applied.

2021 countdown underway: Insurers prepare for IFRS 17 implementation
Deloitte's global IFRS insurance survey, published in July 2018. The survey report explores reactions within the insurance industry to IFRS 17 requirements, views on the scale and complexity of changes, and the timelines surrounding implementation.

Insurance contracts issued by mutual entities
Educational material produced by the IFRS Foundation explaining what a mutual entity is, accounting for contracts issued by a mutual entity, and whether a mutual entity could have equity. Published in July 2018.

Applying IFRS 17: A closer look at the new Insurance Contracts Standard
Detailed guide published by EY in May 2018. Sections discuss the scope of IFRS 17 and a wide range of issues with commentary and illustrative examples.

Using Solvency II to implement IFRS 17
Guide from PwC, published in October 2017, comparing the similarities and differences between Solvency II and IFRS 17. It covers contract liabilities, presentation and disclosure and highlights the impact on wider data and system architecture.

IFRS 17 marks a new epoch for insurance contract accounting
In-depth guide produced by PwC in June 2017 examining all aspects of the new standard. Sections cover combination and separation of insurance contracts, recognition, measurement of participating and non-participating contracts, measurement of reinsurance contracts, derecognition and modification, acquisition of insurance contracts, presentation, disclosures and transition.

IFRS 17: Redefining insurance accounting
Guide published by PwC in June 2017 comparing the key differences between the 2013 Exposure Draft and the final standard issued in May 2017. It also gives an overview of IFRS 17 looking at the scope of the new standard, the measurement model, presentation and disclosure, and transition.

Further reading

Manuals and handbooks

The ICAEW Library stocks the latest IFRS handbooks and manuals. You can browse all our books on IFRS 17 and insurance contracts or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com

iGAAP 2019: A guide to IFRS reporting (Volume A)
Deloitte, Croner-i, 2019
Practical and comprehensive guidance for entities currently reporting under IFRS and those considering whether to move to IFRS in the near future.
Request this book by email

GAAP 2019: UK reporting – IFRSs (Volume C)
Deloitte, Croner-i, 2019
Comprehensive manual explaining how to apply IFRS, focusing on practical implementation issues with commentary and analysis of issues specific to UK companies.
Request this book by email

Insights into IFRS 2019–20
KPMG, Sweet and Maxwell, 2019
Manual providing practical guidance with an emphasis on the real-life application of IFRS, with examples based on actual questions that have arisen in practice around the world.
Request this book by email

International GAAP 2019
EY, Wiley, 2019
Comprehensive reference guide to interpreting and implementing IFRS, featuring detailed analysis of technical accounting issues accompanied by worked examples and illustrations taken from the actual financial statements of companies that report under IFRS.
Request this book by email

Manual of accounting: IFRS for the UK 2019
PwC, Tolley, 2018
Practical guidance on the standards and the accounting requirements of UK law applicable to UK users of IFRS. The IFRS Supplement 2020 published in December 2019 brings the manual up to date for 2020; it includes a new chapter on insurance contracts under IFRS 17 and an updated chapter on leasing under IFRS 16.
Request this book by email

Wiley IFRS 2019: Interpretation and application of IFRS standards
PKF, Wiley, 2019
Reference manual providing full coverage of the latest standards and thorough guidance for implementation, featuring practical tools and insight from a practitioner's perspective.
Request this book by email


The ICAEW Library subscribes to over 160 current journals and magazines, as well as offering access to 1,800 key UK and international business, management and trade titles online. You can browse articles on IFRS 17 and insurance contracts or request any of the selected articles below by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com

Insurance contracts
A.Deller, Accounting and Business, June 2017
Many insurance companies will need to make significant changes to their accounting policies to comply with IFRS 17. This article explains how the standard will work.

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