IFRS 17 Insurance Contracts

Comprehensive guidance for effective compliance

Overview

The new standard on ‘Insurance Contracts’ is effective for annual periods beginning on or after January 1, 2023. The transition date is the beginning of the annual reporting period immediately preceding the date of initial application, which is the date at the beginning of the annual reporting period in which an entity first applies IFRS 17. 

In India, the date of adoption is to be notified by the Ministry of Corporate Affairs (MCA) or the Insurance Regulatory and Development Authority of India (IRDA).

The standard is relevant not only for insurance companies but also for non-insurers. Performance bonds, warranties issued with respect to products not sold by the entity, indemnities issued by a vendor in a sale of its business or assets, guarantees of minimum quantities, and certain fixed-fee service contracts may also need to be evaluated under the applicable guidance.


How BDO India Can Help

Our AAS team offers a gamut of services to help companies transition to this standard:

  • Assistance in convergence to IFRS 17 for life and general insurance companies and non-insurance companies
  • Assistance in designing accounting policies and solutions to achieve data, system and process requirements on account of convergence to IFRS 17
  • Actuarial services
  • Assistance in UAT testing for the IFRS 17 system migration
  • Assistance with the preparation of first-time adoption financial statements and disclosures



How BDO India Can Help

Meet Our Leader

Anita Somani

Anita Somani

Partner & Leader
US Assurance and Capital Markets
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