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January 11, 2018

IASB issued an update to the IFRS Taxonomy 2017 for IFRS 17, the standard on Insurance Contracts. This taxonomy update includes the taxonomy elements to reflect the new presentation and disclosure requirements introduced by IFRS 17, which the IASB issued in May 2017.

The IFRS Taxonomy facilitates electronic reporting of IFRS financial information. IFRS 17 establishes principles for the recognition, measurement, presentation, and disclosure of insurance contracts. It also requires similar principles to be applied to the reinsurance contracts held and the investment contracts issued with discretionary participation features. IFRS 17 is intended to ensure that entities provide relevant information in a way that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that contracts within the scope of IFRS 17 have on the financial position, financial performance, and cash flows of an entity.

Keywords: International, Insurance, IFRS 17, IFRS Taxonomy, Insurance Contracts, Disclosure Requirements, IASB

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