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China Accounting Alert

IASB news and updates

  • IASB finalizes fundamental overhaul of insurance accounting

On 18 May 2017, the IASB issued IFRS 17 Insurance Contracts. IFRS 17 replaces IFRS 4, which was brought in as an interim Standard in 2004. IFRS 17 solves the comparison problems created by IFRS 4 by requiring all insurance contracts to be accounted for in a consistent manner, benefiting both investors and insurance companies.

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