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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 IFRS Standards Navigator service. Please log into IFRS Standards Navigator 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

Factsheets

IFRS 17 Insurance contracts for non-insurers
Financial Reporting Faculty, August 2022
This factsheet provides guidance for non-insurers assessing whether or to what extent they will be affected by the standard. It addresses whether entities are affected by IFRS 17, the definition of an insurance contract, the available scope exemptions and whether they might apply, policy choices, 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.

2022 IFRS Accounts
Financial Reporting Faculty, 8 August 2022

2021 IFRS accounts
Financial Reporting Faculty, 10 August 2021

2020 IFRS accounts
Financial Reporting Faculty, updated August 2021

2019 IFRS accounts
Financial Reporting Faculty, updated October 2020

Articles

Insurance contracts for non-insurers
Timothy Rogerson, By All Accounts, January 2021
Explaining the relevance of the new insurance accounting standard, IFRS 17, to non-insurers

Accounting for insurance IFRS 17
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?
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.

Webinars

IFRS Update June 2018
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
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.


eBooks

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

Insurance contracts (IFRS 17)
EY, International GAAP 2021 (2020)
The latest edition of this comprehensive guide offers a global perspective on 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.

International GAAP 2022: Generally Accepted Accounting Practice under IFRS
EY International Financial Reporting Group, 2022
Detailed guide on interpreting and implementing IFRS, with illustrative examples and extracts from financial statements. The manual is available online (free registration required) as part of EY Atlas Client Edition. Chapters and sections are searchable and downloadable in PDF format. The whole book is also downloadable in ePub format for offline access.

Interim reporting and IFRS 17
EY, July 2021
This briefing compares the year-to-date (YTD) and period-to-date (PTD) approaches in calculating the contractual service margin (CSM) and discusses practical application of paragraph B137 of IFRS 17, with examples, introduced in the 2020 amendment to the standard. It also examines the impact of both policy choices on insurance groups.

IFRS 17 affects more than just insurance companies
PwC, February 2021
Briefing focusing on IFRS 17 for non-insurers showing examples of common contracts that may be within the scope of the standard. It covers the scope of exclusions from IFRS 17 and criteria for identifying insurance contracts.

Determining CSM allocation using coverage units
PwC, December 2020
Briefing that summarises the guidance relating to coverage units and contractual service margin (CSM), covering frequently asked questions on IFRS 17 with examples. The appendix lists examples of coverage units for life insurance contracts with permissible approach to determining coverage units. 

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.  


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

Insights into IFRS 2020–21
KPMG, Sweet and Maxwell, 2020
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.

Wiley IFRS 2020: Interpretation and application of IFRS standards
PKF, Wiley, 2020
Reference manual providing full coverage of the latest standards and thorough guidance for implementation, featuring practical tools and insight from a practitioner's perspective.

Manual of accounting: IFRS supplement 2020
PwC, LexisNexis, 2019
Practical guidance on the standards and the accounting requirements of UK law applicable to UK users of IFRS.

Find out more about how you can borrow books from the ICAEW Library or get articles and documents sent to you by email or post.


Ask ICAEW Technical Advisory Service

Get an opinion from the experts. Our experienced technical advisors can help you with your IFRS questions and offer practical advice. Call the advisory helpline on +44 (0)1908 248 250. 

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