neoaccounting

By Nick Anderson, Member, International Accounting Standards Board Six months ago, the International Accounting Standards Board (Board) issued IFRS 17  Insurance Contracts . This new IFRS Standard replaces the requirements for accounting for insurance contracts in IFRS 4  Insurance Contracts  from 1 January 2021. IFRS 17 introduces fundamental changes to existing insurance accounting practices for some companies. Investors and analysts will need to factor these changes into their analyses. Although many investors and analysts were consulted during the development of the new Standard, it is important that they become familiar with IFRS 17 now that it has been finalised. For that reason, we will continue to invest considerable resources into meeting and educating investors and other users of financial statements. Educating investors and analysts Between May and October 2017, members of the Board and technical staff have met more th...