Ifrs foundation supporting ifrs standards ifrs 17 filetype pdf South

ifrs foundation supporting ifrs standards ifrs 17 filetype pdf

IFRS 17 and IFRS 9 Bridging the Gap Deloitte IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have

A GUIDE THROUGH INTERNATIONAL FINANCIAL REPORTING

IFRS 17 PwC. IFRS 17 Insurance Contracts changes how insurers manage operational costs, KPIs & forecasts, requiring an overhaul of financial management processes, applications & operating models. CCH Tagetik IFRS 17 software automates compliance with the expanding requirements (eg. Solvency II) and lets you focus on your core business., A GUIDE THROUGH INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs) Including the full text of the Standards and Interpretations and accompanying documents issued by the International Accounting Standards Board with extensive cross-references and other annotations Question: Why should people buy this Guide through IFRSs rather than the official main IFRSs Bound Volume? The ….

IFRS 17 is coming, are you preparedfor it? We are close to a new IFRS insurance contracts accounting standard that will replace AASB 1023 and AASB 1038. IFRS 17 (previously referred to as IFRS 4 Phase II) is expected to be issued in early 2017 with an effective date of 2021 A structured approach to IFRS 17 project planning will help overcome challenges and maximise opportunities . Assessing IFRS IN PRACTICE fi IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS 5 1. INTRODUCTION On 28 May 2014, the International Accounting Standards Board (IASB) published IFRS 15 Revenue from Contracts with Customers. IFRS 15 is converged with equivalent new US GAAP guidance (although, unlike IFRS, US GAAP does not permit

IFRS 17: a complex standard. IFRS 17 is a complex standard that will include fundamental changes to current accounting, and a number of companies have already started planning in order to understand the expected impact. The presentation of insurers' financial statements will also radically change. is implemented. IFRS 17 will be mandatory for accounting periods beginning on or after 1 January 2021. Overview of measurement model IFRS 17 requires a current measurement model where estimates are re-measured each reporting period. Contracts are measured using the building blocks of: The standard allows a choice between

implementation date of IFRS 9. The overlay approach allows an entity applying IFRS 9 from 2018 onwards to remove from profit or loss the effects of some of the accounting mismatches that may occur from applying IFRS 9 before IFRS 17 is applied. Overview On 12 September 2016, the International Accounting Standards Board (IASB or the Board 2 IFRS 17 – an opportunity to shine a light on value creation in the insurance industry The IASB has promised the industry at least three years to prepare for the implementation of IFRS 17 and has recently confirmed a go-live date of 1 January 2021. When launched, the new standard will have wide-ranging application and significant

2 IFRS 17 – an opportunity to shine a light on value creation in the insurance industry The IASB has promised the industry at least three years to prepare for the implementation of IFRS 17 and has recently confirmed a go-live date of 1 January 2021. When launched, the new standard will have wide-ranging application and significant 2017-06-06 · On 18 May 2017 the International Accounting Standards Board (IASB) published its new International Financial Reporting Standard (IFRS) on accounting for insurance contracts: IFRS 17. IFRS 17 will apply for accounting periods starting on or after 1 January 2021, but prior year comparative figures will be required. 1

is implemented. IFRS 17 will be mandatory for accounting periods beginning on or after 1 January 2021. Overview of measurement model IFRS 17 requires a current measurement model where estimates are re-measured each reporting period. Contracts are measured using the building blocks of: The standard allows a choice between After 20 years in the making, the International Accounting Standards Board (IASB) has published the new accounting standard for insurance contracts, IFRS 17. It will be effective from 1 January 2021, with prior-year comparative reporting required. Here we provide a taster of the key changes to the

International Financial Reporting Standards Ifrs 2011 book. Read reviews from world’s largest community for readers. International Financial Reporting St... A GUIDE THROUGH INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs) Including the full text of the Standards and Interpretations and accompanying documents issued by the International Accounting Standards Board with extensive cross-references and other annotations Question: Why should people buy this Guide through IFRSs rather than the official main IFRSs Bound Volume? The …

2 IFRS 17 – an opportunity to shine a light on value creation in the insurance industry The IASB has promised the industry at least three years to prepare for the implementation of IFRS 17 and has recently confirmed a go-live date of 1 January 2021. When launched, the new standard will have wide-ranging application and significant Get ready for IFRS 17; IFRS Get ready for IFRS 17 Edward Haygarth 25 May 2017. After twenty years of development the IASB published IFRS 17 ‘Insurance Contracts’. This new Standard replaces IFRS 4 which was published in 2004. IFRS 4 was designed to be an interim Standard and therefore allowed entities issuing insurance contracts to carry on accounting for them using policies that had been

2017-09-14 · IFRS 17 Insurance Contracts Standard Presentation to the EFRAG Board Mark FitzPatrick Chief Financial Officer Brussels – 14 September 2017 . Proposed Agenda 2 - Context - Overarching considerations - Prudential Group’s long-term insurance business - Development of the standard and insurers’ current reporting - Prudential perspective : Aspects that give rise to uncertainty over the is implemented. IFRS 17 will be mandatory for accounting periods beginning on or after 1 January 2021. Overview of measurement model IFRS 17 requires a current measurement model where estimates are re-measured each reporting period. Contracts are measured using the building blocks of: The standard allows a choice between

IFRS 17 Redefining insurance accounting PwC. 100 Questions (and Answers) About IFRS. Article in SSRN Electronic Journal В· December 2011 with 24,429 Reads How we measure 'reads' A 'read' is counted each time someone views a publication, IFRS 17 is coming, are you preparedfor it? We are close to a new IFRS insurance contracts accounting standard that will replace AASB 1023 and AASB 1038. IFRS 17 (previously referred to as IFRS 4 Phase II) is expected to be issued in early 2017 with an effective date of 2021 A structured approach to IFRS 17 project planning will help overcome challenges and maximise opportunities . Assessing.

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ifrs foundation supporting ifrs standards ifrs 17 filetype pdf

A GUIDE THROUGH INTERNATIONAL FINANCIAL REPORTING. and applying IFRS 10 December 2013 Applying IFRS IFRS 10 Consolidated Financial Statements. Introduction IFRS 10 Consolidated Financial Statements was issued by the IASB in May 2011 together with an amended version of IAS 27 Separate Financial Statements and IFRS 12 Disclosure of Interests in Other Entities. These standards are effective for annual periods beginning on or after 1 January 2013, IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have.

Get ready for IFRS 17 Grant Thornton Insights

ifrs foundation supporting ifrs standards ifrs 17 filetype pdf

IFRS 4 versus IFRS 17 3 key differences and what they. IFRSВ® Foundation Supporting IFRS Standards July 2018 IFRS17 POCKET GUIDE on reinsurance contracts held. 2 IFRS 17 Insurance Contracts sets out the accounting requirements for insurance contracts, including reinsurance contracts held. Under IFRS 17, a reinsurance contract held is accounted for as a standalone contract, independent of the accounting for the underlying insurance contracts. For the International Financial Reporting Standards (IFRS) 17. IFRS 17 and IFRS 9 Bridging the Gap 02. 03 IFRS 17 and IFRS 9 Bridging the Gap Insurance Earnings are a Consequence of both Liability and Asset Movement With IFRS 17 making significant changes to the valuation of liabilities of insurers, IFRS 9 has made changes to the valuation and income recognition of assets. The effect of IFRS 9.

ifrs foundation supporting ifrs standards ifrs 17 filetype pdf

  • Main difference between IFRS 4 and IFRS 17 YouTube
  • IFRS 17 Preparation for full implementation – Center for
  • Revenue from contracts with Customers IFRS 15

  • policy statement supporting the establishment of mutually acceptable international accounting standards. 1997 development and execution of a work plan. SEC SEC encouraged the efforts of the International Accounting Standards Committee to develop a core set of accounting standards. These standards are now known as IFRS. 2007 SEC votes unanimously to accept from foreign private issuers … The IASB and the FASB have issued new requirements for recognising revenue under both IFRS and US GAAP. IFRS 15 Revenue from Contracts with Customers provides a single revenue recognition model based on the transfer of control of a good or service to a customer.. The new revenue standard marks a significant change from current requirements under IFRS.

    and applying IFRS 10 December 2013 Applying IFRS IFRS 10 Consolidated Financial Statements. Introduction IFRS 10 Consolidated Financial Statements was issued by the IASB in May 2011 together with an amended version of IAS 27 Separate Financial Statements and IFRS 12 Disclosure of Interests in Other Entities. These standards are effective for annual periods beginning on or after 1 January 2013 Get ready for IFRS 17; IFRS Get ready for IFRS 17 Edward Haygarth 25 May 2017. After twenty years of development the IASB published IFRS 17 ‘Insurance Contracts’. This new Standard replaces IFRS 4 which was published in 2004. IFRS 4 was designed to be an interim Standard and therefore allowed entities issuing insurance contracts to carry on accounting for them using policies that had been

    Includes Standards with an effective date after 1 January 2016 but not the Standards they will replace. ISBN: 978-1-911040-15-6 Two volume Parts A and B sold together as a set. despatched/sold together as a bundle with: 2016 IFRS® Standards (Red Book) - Downloadable PDF (please note … in the other relevant standards on how to split the contract into components, that guidance is followed. If not, then IFRS 15 contains some guidance on how to split contracts into components. 12. IFRS 15 applies to contracts with customers for goods and services in only for exchange consideration. It does not apply to collaborative projects

    IFRS 17 ‘Insurance Contracts’ was published after twenty years of development by the International Accounting Standards Board (IASB). The new Standard rewrites the rulebook for insurance reporting. International Financial Reporting Standards Ifrs 2011 book. Read reviews from world’s largest community for readers. International Financial Reporting St...

    International Financial Reporting Standards Revenue from contracts with Customers IFRS 15 London EC4M 6XH UK. www.ifrs.org 17 . Some key effects Other industries 18 Sector Accounting Construction / Aerospace & Defence •Revenue may be recognised over time (eg percentage of completion) but ‘PO over time’ criteria must be met 2017-08-15 · Home > Insight > IFRS 4 versus IFRS 17: 3 key differences and what they mean for the insurance industry. IFRS 4 versus IFRS 17: 3 key differences and what they mean for the insurance industry. August 15, 2017 BY Eleanor Hill IN Insight; In May 2017, the International Accounting Standards Board (IASB) finally issued IFRS 17. Billed as the first truly global accounting standard for …

    is implemented. IFRS 17 will be mandatory for accounting periods beginning on or after 1 January 2021. Overview of measurement model IFRS 17 requires a current measurement model where estimates are re-measured each reporting period. Contracts are measured using the building blocks of: The standard allows a choice between IFRS 17 is coming, are you preparedfor it? We are close to a new IFRS insurance contracts accounting standard that will replace AASB 1023 and AASB 1038. IFRS 17 (previously referred to as IFRS 4 Phase II) is expected to be issued in early 2017 with an effective date of 2021 A structured approach to IFRS 17 project planning will help overcome challenges and maximise opportunities . Assessing

    2016-08-31 · New IFRS standards 9, 15 and 16 set construction and real estate accountancy teams their greatest challenge in decades . Accounting for revenue in the real estate, property and construction industries involves many unique challenges - from dealing with complex bundles of interrelated goods and services, to vendor guarantees and financing. 2017-08-15 · Home > Insight > IFRS 4 versus IFRS 17: 3 key differences and what they mean for the insurance industry. IFRS 4 versus IFRS 17: 3 key differences and what they mean for the insurance industry. August 15, 2017 BY Eleanor Hill IN Insight; In May 2017, the International Accounting Standards Board (IASB) finally issued IFRS 17. Billed as the first truly global accounting standard for …

    IASB posts video on IFRS 17 The IASB has posted a video on supporting implementation of IFRS 17 Insurance Contracts. The short video (two minutes) is part of the IFRS Foundation’s efforts to support the implementation of IFRS 17 and describes the three ways pursued in doing so: TRG on IFRS 17, supporting material and education. in the other relevant standards on how to split the contract into components, that guidance is followed. If not, then IFRS 15 contains some guidance on how to split contracts into components. 12. IFRS 15 applies to contracts with customers for goods and services in only for exchange consideration. It does not apply to collaborative projects

    IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have in the other relevant standards on how to split the contract into components, that guidance is followed. If not, then IFRS 15 contains some guidance on how to split contracts into components. 12. IFRS 15 applies to contracts with customers for goods and services in only for exchange consideration. It does not apply to collaborative projects

    HBR AT LARGE • IT Doesn’t Matter Nicholas G. Carr is HBR’s editor-at-large. He edited The Digital Enterprise, a collec-tion of HBR articles published by Harvard Business School Press in 2001, and has written for the Financial Times, Business 2.0, and the Industry Standard in addition to HBR. Nicholas carr does it matter pdf Health Nicholas Carr What the Internet is doing to our brains "Dave, stop. Stop, will you? Stop, Dave. Will you stop, Dave?” So the supercomputer HAL pleads with the implacable astronaut Dave Bowman in a famous and weirdly poignant scene toward the end of Stanley Kubrick’s 2001: A Space Odyssey.

    IFRS International Financial Reporting Standards GAAP Vs

    ifrs foundation supporting ifrs standards ifrs 17 filetype pdf

    IFRS Accounting business services and news EY - EY. GAAP Vs IFRS in My Research By Chelsea M Brand. Accounting is defined as "the process of communicating financial information about a business entity to users such as shareholders and managers." Financial statements include income statements, balance sheets, and statement of cash flows. As one could image, there are many aspects that can go wrong in this process. Standards of …, is implemented. IFRS 17 will be mandatory for accounting periods beginning on or after 1 January 2021. Overview of measurement model IFRS 17 requires a current measurement model where estimates are re-measured each reporting period. Contracts are measured using the building blocks of: The standard allows a choice between.

    IFRS 17 Preparation for full implementation – Center for

    IFRS on Point deloitte.com. 2017-05-18В В· The profession has welcomed IFRS 17, issued by the International Accounting Standards Board (IASB), however it warned of the complexity and cost of implementation for businesses.. IFRS 17, which will be effective 1 January 2021, will replace the interim standard IFRS 4, issued in 2004, which allowed companies to use national accounting standards for insurance contracts., IFRS IN PRACTICE fi IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS 5 1. INTRODUCTION On 28 May 2014, the International Accounting Standards Board (IASB) published IFRS 15 Revenue from Contracts with Customers. IFRS 15 is converged with equivalent new US GAAP guidance (although, unlike IFRS, US GAAP does not permit.

    The IASB has issued IFRS 17 ‘Insurance Contracts’, replacing the similarly titled IFRS 4 which was issued some time ago as an interim Standard. IFRS 17 will help people to better understand insurers’ financial statements by requiring insurance contracts to be accounted for in a consistent manner. is implemented. IFRS 17 will be mandatory for accounting periods beginning on or after 1 January 2021. Overview of measurement model IFRS 17 requires a current measurement model where estimates are re-measured each reporting period. Contracts are measured using the building blocks of: The standard allows a choice between

    IFRS 17: a complex standard. IFRS 17 is a complex standard that will include fundamental changes to current accounting, and a number of companies have already started planning in order to understand the expected impact. The presentation of insurers' financial statements will also radically change. IFRS 17 ‘Insurance Contracts’ was published after twenty years of development by the International Accounting Standards Board (IASB). The new Standard rewrites the rulebook for insurance reporting.

    IFRS 17: Preparation for full implementation. IFRS 17: Preparation for full implementation . By Anthony Appleton, the Director of Accounting and Reporting at the Financial Reporting Council. Ahead of the IFRS 17 Forum, Anthony has provided us with an insight into institutional preparedness. Anthony, can you please tell the Risk Insights readers a little bit about yourself, your experiences and The IASB and the FASB have issued new requirements for recognising revenue under both IFRS and US GAAP. IFRS 15 Revenue from Contracts with Customers provides a single revenue recognition model based on the transfer of control of a good or service to a customer.. The new revenue standard marks a significant change from current requirements under IFRS.

    IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have IFRS 17 Insurance Contracts changes how insurers manage operational costs, KPIs & forecasts, requiring an overhaul of financial management processes, applications & operating models. CCH Tagetik IFRS 17 software automates compliance with the expanding requirements (eg. Solvency II) and lets you focus on your core business.

    IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have International Financial Reporting Standards Ifrs 2011 book. Read reviews from world’s largest community for readers. International Financial Reporting St...

    is implemented. IFRS 17 will be mandatory for accounting periods beginning on or after 1 January 2021. Overview of measurement model IFRS 17 requires a current measurement model where estimates are re-measured each reporting period. Contracts are measured using the building blocks of: The standard allows a choice between 2017-05-18 · Anew,comprehensiveaccountingmodel 5 IFRS 17’s general measurement model (GMM) is based on a fulfilment objective and uses current assumptions It introduces a single, revenue recognition principle to reflect services provided And is modified for certain contracts

    IFRS17

    ifrs foundation supporting ifrs standards ifrs 17 filetype pdf

    Applying IFRS EY. IFRS 17 ‘Insurance Contracts’ was published after twenty years of development by the International Accounting Standards Board (IASB). The new Standard rewrites the rulebook for insurance reporting., IFRS standards Financial assets/li abilities (IFRS 9) 2016 2018 2019 • Investment contract accounting (e.g. unit linked savings) is unchanged by IFRS 17. • Significant disconnect in life business for the 1st time between accounting and solvency reporting from 1 January 2016. • All ….

    IFRS IN PRACTICE BDO Global. The IASB and the FASB have issued new requirements for recognising revenue under both IFRS and US GAAP. IFRS 15 Revenue from Contracts with Customers provides a single revenue recognition model based on the transfer of control of a good or service to a customer.. The new revenue standard marks a significant change from current requirements under IFRS., IFRS 17 fact sheet Overview produced by the IFRS Foundation outlining the differences between IFRS 4 and IFRS 17, who will be affected and the timeframe for implementation. 2021 countdown underway: Insurers prepare for IFRS 17 implementation Deloitte's global IFRS insurance survey, published in July 2018. The survey report explores reactions.

    IFRS International Financial Reporting Standards GAAP Vs

    ifrs foundation supporting ifrs standards ifrs 17 filetype pdf

    IFRS 4 versus IFRS 17 3 key differences and what they. 100 Questions (and Answers) About IFRS. Article in SSRN Electronic Journal · December 2011 with 24,429 Reads How we measure 'reads' A 'read' is counted each time someone views a publication 2 IFRS 17 – an opportunity to shine a light on value creation in the insurance industry The IASB has promised the industry at least three years to prepare for the implementation of IFRS 17 and has recently confirmed a go-live date of 1 January 2021. When launched, the new standard will have wide-ranging application and significant.

    ifrs foundation supporting ifrs standards ifrs 17 filetype pdf


    2017-05-18 · The profession has welcomed IFRS 17, issued by the International Accounting Standards Board (IASB), however it warned of the complexity and cost of implementation for businesses.. IFRS 17, which will be effective 1 January 2021, will replace the interim standard IFRS 4, issued in 2004, which allowed companies to use national accounting standards for insurance contracts. IASB staff have completed the external editorial review process (the “fatal flaw review”). With no fundamental questions on the model, IFRS 17 is expected to be published in May 2017. The new standard will apply from 1 January 2021, so your company will have at least three years to implement the new standard and early adoption is possible.

    2017-09-14 · IFRS 17 Insurance Contracts Standard Presentation to the EFRAG Board Mark FitzPatrick Chief Financial Officer Brussels – 14 September 2017 . Proposed Agenda 2 - Context - Overarching considerations - Prudential Group’s long-term insurance business - Development of the standard and insurers’ current reporting - Prudential perspective : Aspects that give rise to uncertainty over the 05/18/2017 was a big day for insurance companies using IFRS accounting. IASB, International Accounting Standard Board has finally released the final standard, the IFRS 17, after years of preparation, delivering the first truly international IFRS standard to guide insurance contracts. Highlights From IFRS 4 to IFRS 17 – Let’s take a Look Back Why IFRS 17 […]

    policy statement supporting the establishment of mutually acceptable international accounting standards. 1997 development and execution of a work plan. SEC SEC encouraged the efforts of the International Accounting Standards Committee to develop a core set of accounting standards. These standards are now known as IFRS. 2007 SEC votes unanimously to accept from foreign private issuers … 2017-05-18 · Anew,comprehensiveaccountingmodel 5 IFRS 17’s general measurement model (GMM) is based on a fulfilment objective and uses current assumptions It introduces a single, revenue recognition principle to reflect services provided And is modified for certain contracts

    2018-05-17В В· On 17 May, the IFRS Foundation and the Malaysian Accounting Standards Board (MASB) will jointly host a workshop on IFRS 17 'Insurance Contracts' in Kuala Lumpur, Malaysia. The IASB and the FASB have issued new requirements for recognising revenue under both IFRS and US GAAP. IFRS 15 Revenue from Contracts with Customers provides a single revenue recognition model based on the transfer of control of a good or service to a customer.. The new revenue standard marks a significant change from current requirements under IFRS.

    05/18/2017 was a big day for insurance companies using IFRS accounting. IASB, International Accounting Standard Board has finally released the final standard, the IFRS 17, after years of preparation, delivering the first truly international IFRS standard to guide insurance contracts. Highlights From IFRS 4 to IFRS 17 – Let’s take a Look Back Why IFRS 17 […] 2018-05-02 · IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. It will replace IFRS 4 on accounting for insurance contracts

    GAAP Vs IFRS in My Research By Chelsea M Brand. Accounting is defined as "the process of communicating financial information about a business entity to users such as shareholders and managers." Financial statements include income statements, balance sheets, and statement of cash flows. As one could image, there are many aspects that can go wrong in this process. Standards of … is implemented. IFRS 17 will be mandatory for accounting periods beginning on or after 1 January 2021. Overview of measurement model IFRS 17 requires a current measurement model where estimates are re-measured each reporting period. Contracts are measured using the building blocks of: The standard allows a choice between

    International Financial Reporting Standards Ifrs 2011 book. Read reviews from world’s largest community for readers. International Financial Reporting St... A GUIDE THROUGH INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs) Including the full text of the Standards and Interpretations and accompanying documents issued by the International Accounting Standards Board with extensive cross-references and other annotations Question: Why should people buy this Guide through IFRSs rather than the official main IFRSs Bound Volume? The …

    2017-09-14 · IFRS 17 Insurance Contracts Standard Presentation to the EFRAG Board Mark FitzPatrick Chief Financial Officer Brussels – 14 September 2017 . Proposed Agenda 2 - Context - Overarching considerations - Prudential Group’s long-term insurance business - Development of the standard and insurers’ current reporting - Prudential perspective : Aspects that give rise to uncertainty over the 2017-05-18 · Anew,comprehensiveaccountingmodel 5 IFRS 17’s general measurement model (GMM) is based on a fulfilment objective and uses current assumptions It introduces a single, revenue recognition principle to reflect services provided And is modified for certain contracts

    ifrs foundation supporting ifrs standards ifrs 17 filetype pdf

    International Financial Reporting Standards Revenue from contracts with Customers IFRS 15 London EC4M 6XH UK. www.ifrs.org 17 . Some key effects Other industries 18 Sector Accounting Construction / Aerospace & Defence •Revenue may be recognised over time (eg percentage of completion) but ‘PO over time’ criteria must be met IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. It will replace IFRS 4 on accounting for insurance contracts and has an effective date of 1 January 2021. In November 2018 the International Accounting Standards Board proposed to delay the effective date by one year to 1 January 2022.