IFRS 17 will revolutionise the way insurance contracts are reported and bring more transparency and uniformity. Under this new standard, insurance companies will have to calculate profit at the time of profit earned, rather than at the time of cash receipt. It is important for financial professionals to understand IFRS 17, as it impacts financial statements and regulatory compliance. Companies will have to align their systems and processes with IFRS 17 to ensure accurate reporting and better stakeholder communication. Embrace this change for better financial reporting.
