Audit
IFRS 17 - Impact on non-insurance entities
Scope of the Standard and situations where a contract issued by a non-insurance entity may fall within that scope.
IFRS 9 (2014) fundamentally rewrites the accounting rules for financial instruments, introducing a new approach for financial asset classification and replacing the now discredited incurred loss impairment model with a more forward-looking expected loss model. All in addition to the major new requirements on hedge accounting that we reported on at the end of 2013.
This special edition of IFRS News outlines the new Standard’s requirements, and the benefits and challenges that it will bring.