IFRS 17 replaces IFRS 4 on accounting for insurance contracts. IFRS 17 is effective for annual reporting periods beginning on or after 1 January 2023. However, each country will differ in terms of the effective date of adopting IFRS 17. For example, IFRS 17 would be effective from 1 January 2024 in Thailand and from 1 January 2025 in Indonesia. The financial services authorities of each country encourages the insurance industry to adopt IFRS 17 as soon as possible. The features in insurance products are increasingly diverse which entails a sound accounting standards. IFRS 17 will make the Financial Statements of insurance companies more comparable with other industries such as banking and other financial services. The most significant thing in IFRS 17 compared to the previous standard IFRS 4 is that the premiums are not recognized directly as income. There are 3 methods of revenue recognition in the insurance industry, namely the Building Block Approach, Premium Allocation Approach, and Variable Fee Approach.
For more information and registration please visit https://tinyurl.com/3kyarfu5
Date: 6 September 2023
Time: 9:00 – 14:30 hrs. (Bangkok Time)
