IFRS 17 – Insurance Contracts | Overview | Scope | Objectives
IFRS 17 provides guidance on accounting for insurance contracts. It is set to replace IFRS 4, which currently governs accounting for insurance contracts. The purpose of IFRS 17 is to provide investors and analysts with a more transparent and consistent view of insurance companies’ financial performance and risk exposure. IFRS 17 requires insurance companies to […]
IFRS 16 – Leases (Recognition, Measurement and Disclosure)
The International Accounting Standards Board introduced IFRS 16 in 2019, which marked an enormous change in the accounting treatment of leases. Earlier, a company was permitted to classify leases into two types, viz., a finance lease and an operating lease. And if the lease was of an operating nature, then the subject of the lease […]