Scope, Objectives & Principles

The overarching objective of IFRS 17 is to ensure the provision of pertinent and faithful information that accurately portrays contractual arrangements in the insurance and reinsurance area. The accounting standard establishes a comprehensive framework governing how entities recognise, measure, present, and disclose their insurance contracts. The information will serve as a foundation for financial statement users to assess the impact of insurance contracts on an entity's financial position, on financial performance, and on cash flows.