Insurance Contracts (IFRS 17/AASB 17)

Corporate Reporting Insights

BDO's monthly newsletter, Corporate Reporting Insights, keeps you up to date with the latest Australian and global developments in corporate financial and sustainability reporting.

• Three new IFRIC agenda decisions may affect accounting for your insurance contracts and financial instruments (November 2023)
• Five scope exclusions for non-insurers applying IFRS 17 Insurance Contracts (July 2023)
• Income tax amendments for updates to Accounting Standards for general insurance contracts (July 2023)
• Tax perspective on Federal Budget 2023 – General insurance tax changes (AASB 17) (May 2023)
• Applying the General Measurement Model in IFRS 17 Insurance Contracts – the impacts of changes in assumptions on onerous contracts (May 2022)
• Applying the General Measurement Model in IFRS 17 Insurance Contracts to a portfolio of insurance contracts – onerous contracts (March 2022)
• IASB issues amending Standard on transition to IFRS 17 Insurance Contracts (February 2022)
• Applying the General Measurement Model in IFRS 17 Insurance Contracts to a portfolio of insurance contracts – the impacts of changes in assumptions (November 2021)
• Applying the General Measurement Model in IFRS 17 Insurance Contracts to a portfolio of insurance contracts​ (October 2021)
• Measurement of insurance contracts under IFRS 17 (August 2021)
• Identifying and measuring the components of an insurance contract​ (July 2021)
• Booking insurance contracts – It’s all in the timing ​(June 2021)
• Overview of accounting implications for non-insurers of IFRS 17 Insurance Contracts (May 2021)
• ​Insurance contracts specifically excluded from the scope of IFRS 17​ (April 2021)​
• For the purposes of IFRS 17, what is an insurance contract? ​(March 2021)
• The implications of IFRS 17 Insurance Contracts for non-insurers ​(February 2021)
• APRA plans to align its capital and reporting frameworks with AASB 17​ (December 2020)
• IASB defers IFRS 17 Insurance Contracts by two years (July 2020).

BDO Global IFRS Resources

The following publications have been produced by the BDO Global IFRS group:

► IFRS at a Glance

A high level overview of International Financial Reporting Standards (IFRSs), including International Accounting Standards and Interpretations.

► IFR Bulletins

Focus on latest developments in international financial reporting.

• Implications of IFRS 17 for non-insurers (IFRB 2023 06)
• IASB is​sues amendments to IFRS 17 Insurance Contracts (IFRB 2020 10).

Webinars

BDO Australia conducts monthly complimentary webinars as an easy way to stay up to date with changes to accounting standards and other financial reporting developments. Recent webinars on this topic include:

• Getting ready for IFRS 17 Insurance Contracts (March 2022).

IFRIC agenda decisions

IFRS Interpretations Committee (the Committee) agenda decisions are those issues that the Committee decided not to take onto its agenda. Although not authoritative guidance, in practice they are regarded as being highly persuasive, and all entities reporting under IFRS should be aware of these decisions because they could impact the way particular transactions and balances are accounted for. Agenda decisions on this topic include:

• Premiums receivable from an intermediary (IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments) (October 2023)
• Multi-currency group of contracts (September 2022) and FAQ
• Transfer of insurance coverage under a group of annuity contracts (July 2022) and FAQ