Transition under IFRS 17

Transition under IFRS 17

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Description:

IFRS 17 provides for existing insurance liabilities three methods to do the transition to this new accounting standard: a retrospective approach, a modified retrospective approach and a fair value approach. In an extensive case study by EFRAG, 30% of respondents indicated they will use the fair value approach. This approach has significant differences with the general approach of IFRS 17, as its rules are set by IFRS 13. This paper discusses the characteristics and impact of these differences.

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