IASB Issues IFRS Taxonomy Update for IFRS 17

The International Accounting Standards Board (IASB) has updated the IFRS Taxonomy 2017 for changes to International Financial Reporting Standards (IFRS) resulting from IFRS 17, Insurance Contracts, adopted by the IASB in May 2017.

The update includes taxonomy elements for the IFRS 17 presentation and disclosure requirements.

The IFRS Taxonomy Update and the XBRL taxonomy files are available on this link. http://www.ifrs.org/projects/2018/ifrs-taxonomy-update-ifrs-17/#published-documents

Supporting documents, including taxonomy examples, versioning information, the IFRS Taxonomy Illustrated, and others, are available on this link. http://www.ifrs.org/projects/2018/ifrs-taxonomy-update-ifrs-17/#educational-material

IASB Publishes Summary of Insurance Contracts Accounting Model

As part of its outreach on educating stakeholders on understanding and applying International Financial Reporting Standards (IFRS) 17, Insurance Contracts, the International Accounting Standards Board (IASB) has published a one-page summary of information on the IFRS 17 accounting model.

The summary, IFRS 17 Insurance Contracts—the accounting model in one page, provides a chart of information on the elements of the IFRS 17 accounting model and its presentation on the balance sheet and profit and loss statements. It includes charts depicting:

  • The balance sheet
  • Profit or loss and other comprehensive income
  • Modifications for contracts with a variable fee
  • Simplifications for short-term contracts.

The IASB has also provided a webcast for following the summary.

IFRS 17 is effective for annual periods beginning on or after 1 January 2021, with earlier application permitted.

The one page summary is available on this link. http://www.ifrs.org/-/media/project/insurance-contracts/ifrs-standard/ifrs-17-accounting-model-a3-jan-2018.pdf?la=en&hash=0DCAF2AB556CF92A14062C1904796B4D4637E28B

The webcast is available on this link.  https://event.webcasts.com/starthere.jsp?ei=1177550&tp_key=8733fe5ba0

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