IFRS 17 Insurance Contracts comes into effect

IFRS 17 Insurance Contracts comes into effect

• 15 February 2023
• Accounting
• South African Accounting Academy

Applies to companies with annual reporting periods beginning on or after 1 January 2023

In a short video IASB Chair Andreas Barckow discusses IFRS 17 becoming effective from 1 January 2023

https://www.ifrs.org/news-and-events/news/2022/12/video-insurance-contracts-accounting-standard-becomes-effective-1-jan-2023/

For supporting material to help with understanding and applying the new Accounting Standard, go to the IFRS 17 page in the Applying the Standards section  

Relevance to Auditors, Independent Reviewers & Accountants:

• As an auditor and independent reviewer, you need to comply with International Standards on Auditing and other Assurance Services, and thus you need knowledge of the impact of amendments to IFRSs that are approved as well as when they become effective.
• Failure to adhere to ISAs may be interpreted as negligence and you could be held liable.
• As an auditor and independent reviewer, you should be aware of proposed changes to existing standards issued by the standard-setting bodies, e.g. the IAASB.

Relevance to Your clients:

• Compilers of annual financial statements must have knowledge of the impact of amendments to IFRSs that are approved as well as when they become effective.

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