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IFRS 17Insurance Contracts

IFRS 17Chapter 10Lesson 1

Transition: full approach, fallback, fair value and recent amendments

Step 1 of 5Learning objectives

Go deeper+3 deeper insights · +1 calculation · +1 point of attention

IFRS 17 applies retrospectively unless impracticable; where impracticable, the entity chooses for each group between the modified approach and fair value; two amendments have refined the standard.

40 minNot started

Learning objectives

  • Explain that the standard is applied retrospectively unless impracticable, group by group.
  • Explain that, if full application is impracticable, the entity chooses between the modified retrospective approach and fair value.
  • Calculate the margin at the transition date from a given fair value and fulfilment cash flows.
  • Place the June 2020 and December 2021 amendments without changing the annual cohort requirement.

In this lesson

Original teaching content: it paraphrases the standard without reproducing it and does not replace the official text.

Contents — IFRS 17 — Insurance Contracts

  1. 1 · Not startedScope and insurance risk0 / 2 lessons
  2. 2 · Not startedPortfolios, groups, recognition and contract boundary0 / 2 lessons
  3. 3 · Not startedThe general model: initial measurement0 / 2 lessons
  4. 4 · Not startedSubsequent measurement and the contractual service margin0 / 2 lessons
  5. 5 · Not startedThe premium allocation approach0 / 1 lesson
  6. 6 · Not startedThe variable fee approach0 / 1 lesson
  7. 7 · Not startedReinsurance contracts held0 / 1 lesson
  8. 8 · Not startedPresentation and disclosure0 / 2 lessons
  9. 9 · Not startedModification and derecognition0 / 1 lesson
  10. 10 · Not startedTransition to IFRS 170 / 1 lesson
  11. 11 · Not startedLinks with other standards and decisions0 / 1 lesson