IASB issues insurance contracts standard

KPMG reports on IFRS 17, which aims to increase the transparency and comparability of financial reporting by insurance companies reporting under IFRS. IFRS 17 introduces a comprehensive general measurement model for insurance contracts and significant changes to presentation and disclosure requirements. It is effective for annual reporting periods beginning on or after January 1, 2021, and requires a full retrospective transition approach, with certain practical expedients.