IFRS 17Chapter 11Lesson 1
Links with IFRS 9, IFRS 15, IAS 37 and IFRS 13, and the weight of Resource Group explanations
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IFRS 17 delimits its scope; what is separated from it or excluded falls under IFRS 9, IFRS 15, IAS 37 or IFRS 13; the Transition Resource Group papers explain without creating requirements.
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Learning objectives
- Explain that embedded derivatives and distinct investment components are separated and accounted for under IFRS 9.
- Identify the standard applicable to a warranty and to a distinct good or service in a case.
- Place the boundary between the liabilities of an insurance contract and IAS 37 provisions, and the cross-reference to IFRS 13 for transition fair value.
- Distinguish a requirement of the standard from a Resource Group explanation.