IASB Issues IFRS Taxonomy Update for IFRS 17 on Insurance Contracts
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
Featured Experts
Gavin Conn
Experienced life actuary; background in economic capital modeling; ALM specialist; IFRS 17 researcher
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Nick Jessop
Scenario modeling expert; risk management specialist; quantitative financial modeler
Previous Article
ESMA Issues Procedure for ETD Access to CCPs Under MIFID IINext Article
MAS Consults on the Proposed Payment Services BillRelated Articles
BCBS Issues Discussion Paper on Climate Scenario Analysis
The Basel Committee on Banking Supervision (BCBS) issued a discussion paper on the use of climate scenario analysis to strengthen the management and supervision of climate-related financial risks.
NGFS Outlines Options for Supervisory Review of Transition Plans
The Network for Greening the Financial System (NGFS) recently published three reports on the use of transition plans to boost sustainable finance and manage climate-related financial risks.
BIS Paper Outlines Vision for Future Financial System
In a recent paper, the General Manager of Bank for International Settlements (BIS) and the Indian entrepreneur (Infosys co-founder) Nandan Nilekani have laid out a vision for the Finternet, which is proposed to be a network of multiple financial ecosystems, much like the internet.
OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks
The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.
CFIT to Chair Open Finance Taskforce Announced by UK Government
The UK government announced the formation of an industry-led Open Finance Taskforce, chaired by the Center for Finance, Innovation, and Technology (CFIT).
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
