IFRS 17, or the International Financial Reporting Standard 17, is an accounting standard developed by the International Accounting Standards Board (IASB) that specifically addresses insurance contracts. It establishes guidelines for the recognition, measurement, presentation, and disclosure of insurance contracts in financial statements. IFRS 17 aims to provide a more transparent and consistent framework for reporting insurance contracts, ensuring that financial statements accurately reflect the insurer’s financial position and performance. The standard introduces a principles-based approach, emphasizing the importance of reflecting the timing and uncertainty of cash flows related to insurance contracts. IFRS 17 has significant implications for insurance companies, requiring them to reassess how they account for and report on their insurance activities.

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