IFRS 17, Insurance Contracts
This standard replaced IFRS 4, which permitted a wide variety of practices in accounting for insurance contracts. IFRS 17 fundamentally changes the accounting by all entities that issue insurance contracts. See IFRS Manual of accounting chapter 50A for further details.
IFRS 17, ‘Insurance Contracts’, applies to insurance contracts regardless of the entity that issues them, and so it does not apply only to traditional insurance entities. See In depth INT2022-14 for guidance on how to identify whether a contract is an insurance contract in scope of IFRS 17.
Narrow scope amendments to IAS 1, Practice statement 2 and IAS 8
These amendments aim to improve accounting policy disclosures and to help users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. For further details see IFRS Manual of accounting para 4.150
Amendment to IAS 12 – deferred tax related to assets and liabilities arising from a single transaction
These amendments require entities to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. For further details see FAQ 14.18.1.
Amendment to IAS 12 - International tax reform
These amendments give entities temporary relief from accounting for deferred taxes arising from the Minimum Tax Implementation Handbook international tax reform. The amendments also introduce targeted disclosure requirements for affected companies. For further details see In depth INT2023-10.
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