Narrow Scope Amendment to IFRS 17 – Insurance Contracts
- Blog|News|Account & Audit|
- < 1 minute
- By Taxmann
- |
- Last Updated on 13 December, 2021
Latest from Taxmann
The International Accounting Standards Board (IASB) has made amendments to ‘Initial Application of IFRS 17, Insurance Contracts and IFRS 9, Financial Instruments’ by providing an alternative to insurers with the aim to improve the usefulness of comparative information to investors.
Now, at the present time, IFRS 17 and IFRS 9 Financial Instruments have different requirements for the presentation of comparative information. By this amendment, temporary accounting mismatches between financial assets and insurance contract liabilities, at the first application of these IFRS will be eliminated by providing an option to insurers for the presentation of comparative information about financial assets.
This amendment is effective for annual reporting periods starting on or after 1 January 2023.
Click Here To Read The Full Story
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
