IFRS 17 Explained - Explaining the new accounting standard for insurance contracts

IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. It will replace IFRS 4 on accounting for insurance contracts which will be effective as of 1 January 2023. It was to be effective as at 1 January 2021. Nonetheless in November 2018 the International Accounting Standards Board proposed to delay the effective date by one year to 1 January 2022. In March 2020, the International Accounting Standards Board further deferred the effective date to 1 January 2023.