Ifrs 17 full text
Ifrs 17 full text. 1990. Inclusion of own credit risk in discount rate (IAS 37) 25 Sep 2017. Related parties may enter into transactions that unrelated parties would not. The new insurance contracts standard, IFRS 17, aims to increase transparency and to reduce diversity in the accounting for insurance contracts. First-time Adoption of International Financial Reporting Standards. In January 2016 the Board issued IFRS 16 Leases. In October 2018 the Board issued Definition of Material (Amendments to 20 Jul 2023. In May 2020, the Board amended IFRS 3 International Accounting Standard 32 Financial Instruments: Presentation (IAS 32) is set out in paragraphs 2–100 and the Appendix. Authors: Ece Bas. (a) lease contracts within the scope of IFRS 16 Leases; (b) contracts within the scope of IFRS 17 Insurance Contracts. 2 Insurance acquisition cash flows 27 5 The general measurement model – Overview 28 . Terms defined in Appendix A are in italics the first time they appear in the IFRS. Using well-known techniques from the theory of convex ordering of stochastic variables, we present closed formula approximations of risk Dec 30, 2017 · EVALUATION OF IFRS 17 INSURANCE CONTRACTS STANDARDS FOR INSURANCE COMPANIES. The IASB has recently voted to defer the mandatory effective date of IFRS 17 and the fixed expiry date for the temporary International Accounting Standard 38 Intangible Assets (IAS 38) is set out in paragraphs 1–133. 5 Risk adjustment for non-financial risk 153 17. Serhat Yanik 2. IAS 17 classifies leases into two types: a finance lease if the lease transfers substantially all the risks and rewards incidental to ownership; and. Overpayment of current tax is recognised as an asset. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. Valuation of liability cash flows and allocation to subgroups. International Financial Reporting Standard 1 First-time Adoption of International Financial Reporting Standards (IFRS 1) is set out in paragraphs 1–40 and Appendices A–E. Achieving the objective, previous studies Objective. IASB issues new standard providing a reduced disclosure framework for subsidiaries. 1. IFRS 17 represents the most significant change to insurance accounting requirements in over 20 years – it demands a complete overhaul of insurers’ financial statements. IFRS 17 sets out the requirements that a company1 should apply in reporting information about insurance contracts it issues and reinsurance contracts it holds. Please see a list of the Institute’s upcoming training for HKFRS 17 here. 10 May 2024. BC390-BC398R) Transition disclosures (paragraphs 114-116 of IFRS 17) (paras. It was issued by the IASB in May 2017 and marks the biggest single change to insurance accounting — bigger than the introduction of IFRS itself. Pressacademia 6 (1):48-50. A free 'Basic' registration will give you access to Issued Standards in HTML or PDF. 17. This Standard shall be applied in accounting for investments in subsidiaries, joint ventures and associates when an entity elects, or is required by local regulations, to present separate financial statements. IFRS 5. [2] A related party relationship could have an effect on the profit or loss and financial position of an entity. Within the Union there are many different life insurance and life savings contracts with an approximate total best estimate liability of EUR 5,9 trillion (excluding unit-linked contracts). The distribution of the present value of future individual cash flows is calculated. The IFRS for SMEs Accounting Standard includes an option for entities to apply the recognition and measurement requirements of IAS 39 Financial Instruments: Recognition and Measurement . Interest and penalties related to income taxes (IAS 12 and IAS 37) 25 Sep 2017. “The ways in which analysts interpret and compare companies will change. This revised IAS 8 was part of the Board’s initial agenda of technical projects. Performance obligations are promises in a contract to transfer to a customer goods or services that are distinct. The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation to leases. Superseded by IFRS 7 effective 1 January 2007. The magnitude of evolving insurance accounting change should not be underestimated IFRS 17, IFRS 9 and IFRS 7 allow a variety of measurement, presentation and disclosure options, and industry views of them continue to evolve. 8 Subsequent measurement of loss recovery components 160 17. PART V DISCLOSURE . International Financial Reporting Standard 10 Consolidated Financial Statements (IFRS 10) is set out in paragraphs 1–33 and Appendices A–D. Interests In Joint Ventures. IFRS 3. The revised IAS 8 also incorporated the guidance contained in two related Interpretations (SIC-2 Consistency—Capitalisation of Borrowing Costs and SIC-18 Consistency—Alternative Methods). 2] It does not apply to other assets and liabilities of an insurer, such as financial assets and financial liabilities within the scope of IAS 39 Financial In BASIS FOR CONCLUSIONS. 13–B5. The objective of the amendments is to assist entities implementing the Standard, while not unduly text: IFRS 1. 09 Aug 2022. • Full text of IFRS Standards • Practical issues faced by reporting entities • Clear explanations of IFRS Standards requirements • Interpretation and commentary when IFRS Standards are silent, ambiguous or unclear • Model financial statements for IFRS reporters iGAAP deals comprehensively with IFRS Standards issued by the Board and IFRS S2 requires an entity to disclose information about climate-related risks and opportunities that could reasonably be expected to affect the entity’s cash flows, its access to finance or cost of capital over the short, medium or long term (collectively referred to as ‘climate-related risks and opportunities that could reasonably be International Accounting Standard 36 Impairment of Assets (as revised in 2004) was approved for issue by eleven of the fourteen members of the International Accounting Standards Board. 745. Since July 2017, HKICPA has been providing training on IFRS 17 for industry professionals to develop an in-depth knowledge of the standard. Non-current assets held for sale and discontinued operations. Measurement of the contractual service margin using the variable fee May 16, 2022 · IASB issues amendments to IFRS 17 Insurance Contracts to help companies with implementation: 17 March 2020: IASB decides on new effective date for IFRS 17 of 1 January 2023: 26 June 2019: IASB proposes to amend IFRS 17 in ED/2019/4 Amendments to IFRS 17: 18 May 2017. In IFRS 17 the valuation of insurance liabilities should consist of the fulfilment cash flows and the contractual service margin. IFRIC 23 is accompanied by Illustrative Examples and a Basis for Conclusions. The Board has undertaken a number of activities to support consistent application of the Standard, and has established a Transition Resource Group . It does not deal with processing of agricultural produce after harvest (for example, processing grapes into wine, or wool into yarn). Dec 15, 2021 · 17 May 2024. In June 2020, the Board issued Amendments to IFRS 17. IFRS 10 Consolidated Financial Statements addresses the IAS 12 prescribes the accounting treatment for income taxes. Dividend-paying capacity. 25 Disclosure: 819100 Effective 2023-01-01 IFRS 17. IFRS 8 5 A closer look at the new Insurance Contracts standard, June 2021 12. Share-based payment. Jan 1, 2021 · Download full-text PDF Download full-text PDF Download full-text PDF Read full-text. International Accounting Standard 28 Investments in Associates and Joint Ventures (IAS 28) is set out in paragraphs 1–47. Welcome to our IFRS Accounting Standards Navigator. GAAP uses the same fundamental mechanics of an allocation of the total premium, differences exist between the accounting model for short-duration contracts under U. The scope and authority of Interpretations are set out in the Preface to IFRS Standards. IFRS 6. For the first time, insurers will be on a level footing internationally. PDF (354kb) This updated factsheet provides guidance for non-insurers assessing whether or to what extent they will be affected by the IFRS 17. International Financial Reporting Standard 5 Non-current Assets Held for Sale and Discontinued Operations was approved for issue by twelve of the fourteen members of the International Accounting Standards Board. This major change program to implement IFRS 17 will extend beyond the finance and actuarial functions of insurers — with a large impact across Data, Systems and Processes 29 IFRS 2 Share-Based Payment 309. IASB proposes amendments to IFRS 9 and IFRS 7 regarding power The Board amended IAS 27 in January 2008 to address the accounting for non‑controlling interests and loss of control of a subsidiary as part of its business combinations project. Insurance Contracts. IASB issues IFRS 17 Effective for annual periods starting on or after 1 International Financial Reporting Standard 5 Non-current Assets Held for Sale and Discontinued Operations (IFRS 5) is set out in paragraphs 1–45 and Appendices A–C. The Board published some amendments to IFRS 17, including a deferral of the effective Exclusive IFRS 17 Insurance contracts for Non-Insurers - Updated. An entity shall disclose information to enable users of its financial statements to evaluate the nature and financial effects of the business activities in which it engages and the economic environments in which it operates. 9 Presentation of reinsurance contracts held 160 18 Insurance contracts acquired 162 International Accounting Standard 20 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) is set out in paragraphs 1–48. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases. All the paragraphs have equal authority. Classification of Liabilities as Current or Non-current—Deferral of Effective Date, which amended IAS 1, was approved for issue by all 14 members of the International Accounting Standards Board. Serhat Yanik Aug 12, 2021 · Implementation of IFRS 17 ‘Insurance Contracts’. the text of full IFRS Accounting Standards has been redrafted in ‘plain English’ for easier understandability and translation. In addition, at the time of this publication, the IASB continues to discuss IFRS 17 concerns and implementation challenges raised by stakeholders and is undertaking a number of activities to support the Approval by the Board of Classification of Liabilities as Current or Non-current—Deferral of Effective Date issued in July 2020. IFRS 17 is the first truly international IFRS Standard for insurance contracts. Early adoption is permitted, however, entities must also adopt IFRS 9 and IFRS 15 on or before the date of initial application of IFRS 17. When introduced in 2004, IFRS 4—an interim Standard—was meant to limit changes to existing insurance accounting practices. 2003*. Surrender rates are assumed to follow a stochastic process, underpinned by data. International Accounting Standard 19 Employee Benefits (as amended in 2011) was approved for issue by thirteen of the fifteen members of the International Accounting Standards Board. Financial instruments: disclosures. In many cases, agenda decisions also IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The Interpretations Committee has considered a number of questions submitted to it related to this Standard. IASB continues webcast series on proposed enhancements to disclosure requirements for business combinations. Solvency position (currently estimated to be in a range of 220-225%1) Creditworthiness (Fitch AA-, Moody’s AA3, S&P AA-, AM Best A+)2. After an introduction, this paper is broken down into the following sections: the risk of material misstatement in estimates including inherent risks and control risks. 7. Hans Hoogervorst. org. 1. Insurance contracts. The International Accounting Standards Board (the Board) issued IFRS 17 Insurance Contracts in May 2017. Messrs Cope and Leisenring and Professor Whittington dissented. You can find information about all of these activities by following the links below. Helpsheets and support. IFRS 17 Insurance Contracts. IAS 20 should be read in the context of the Basis for Conclusions, the Preface not adopt IFRS 17 (particularly important in the Specialty market where many insurers report under U. 1 Scope 6 3. Business Combinations. Current tax for current and prior periods is, to the extent that it is unpaid, recognised as a liability. Messrs Engström and Yamada dissented. In May 2017 when IFRS 17 Insurance Contracts was issued, it amended the derecognition requirements in IFRS 9 by permitting an exemption for when an entity repurchases its financial liability in specific circumstances. Greater comparability and transparency. Hence, IFRS 4 has allowed insurers to use diferent accounting policies to measure similar IFRS 17 is a new financial reporting standard for insurance contracts. IFRS 17 replaces IFRS 4 and sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of IFRS 17. “IFRS 17 will give users of financial statements a whole new perspective. In December 2016, the Board issued Transfers of Investment Property (Amendments to IAS 40) which clarifies when there is a transfer to, or from, investment property. It will open up the ‘black box’ of current insurance accounting. Although U. Their dissenting opinions are set out after the Basis for Conclusions. The IFRS Foundation's logo and the IFRS for SMEs ® logo, the IASB ® logo, the ‘Hexagon Device’, IAS ®, IASB ®, ISSB™, IFRIC ®, IFRS ®, IFRS for SMEs ®, IFRS Foundation ®, International Accounting Standards ®, International Financial Reporting Standards ®, NIIF ® and SIC ® are registered trade marks of the IFRS Foundation, further details of which are available from the IFRS Jan 1, 2014 · IFRS 1. Income taxes include all domestic and foreign taxes that are based on taxable profits. From a supervisory perspective, this could be achieved, for example, if IFRS 17 Mar 25, 2024 · The objective of IFRS 18 is to set out requirements for the presentation and disclosure of information in general purpose financial statements (financial statements) to help ensure they provide relevant information that faithfully represents an entity’s assets, liabilities, equity, income and expenses. 4 Estimating expected cash flows 153 17. Effective for periods beginning on or after January 1, 2023 (R). This is part one of a two-part video series on IFRS 17. If you're an IFRS Digital subscriber you will get access to the Required Standards, and be able to use the annotation all paragraph numbers are related to IFRS 17, unless specified otherwise; (d) some numbers include a rounding difference; and. Appendix A includes a summary highlighting what is new and different in IFRS 17 compared to the disclosure requirements in IFRS 4. Approval by the Board of IAS 19 issued in June 2011. 3 Recognition 151 17. Superseded by IFRS 16Leases. determine the transaction price. Measurement of liabilities arising from emission trading schemes (IAS 37) 01 Mar 2011. For example, an entity that sells goods to its parent at cost might not sell on those terms to another customer. IFRS 2. Other Standards have made minor consequential amendments to IAS 37. the accounting policy choice about whether or not to continue applying the hedge accounting requirements in IAS 39 in accordance with paragraph 7. TRANSITION. [IFRS 4. The amendments Jan 1, 2018 · To recognise revenue under IFRS 15, an entity applies the following five steps: identify the contract (s) with a customer. In September 2015 the Board issued Effective Date of IFRS 15 which deferred the mandatory effective date of IFRS 15 to 1 January 2018. 1 Key facts 2 1. IFRS 15 replaces IAS 11, IAS 18, IFRIC 13, IFRIC 15, IFRIC 18 and SIC-31. 09 May 2024. Financial Instruments: Presentation. Terms defined in Appendix A are in italics the first time they appear in the Standard. That gives us 3 000 CU for the whole group of 200 contracts; Ability to generate cash and capital. Superseded by IFRS 11 and IFRS 12 effective 1 January 2013. The International Accounting Standards Board expects IFRS 17 to contribute to long-term financial stability by revealing useful information about insurers that will enable actions to be taken in a timely way. Other Standards have made minor consequential amendments to IAS 40. BC387-BC389A) Other transition issues (paras. Core principle. PDF (562kb) IFRS 15 Revenue from Contracts with Customers sets out the principles for when revenue should be recognised and how it should be measured, together with related disclosures. Approval by the Board of IFRS 5 issued in March 2004. 2 Key impacts 4 2 Overview 5 3 When to apply IFRS 17 6 3. IFRS 4. Also, 1. The objective of the amendments is to assist entities implementing the Standard, while not unduly Apr 10, 2021 · IFRS 17 Insurance Contracts was issued by the International Accounting Standards Board (Board) on 18 May 2017. 2 Separating components from an insurance contract 19 4 Initial recognition 26 4. By aligning their finance transformation programs with IFRS 17 compliance, insurance companies can May 25, 2023 · The research examines the impact of applying the IFRS 17 International Financial Reporting Standard on the development of accounting measurement and disclosure to improve the quality of financial reports when considering compliance with the requirements of applying the IFRS 4 International Financial Reporting Standard for Jordanian insurance companies. IFRS 17 is effective from 1 January 2021. 20 of IFRS 9 for guidance on determining the effects of changes in a liability’s credit risk). 1 When to recognise a group of contracts 26 4. When the Interpretations Committee decides not to add a standard-setting project to the work plan to address a question submitted, it explains why in an agenda decision. Ability to invest in future growth. IFRS 16 replaces IAS 17, IFRIC 4, SIC-15 and SIC-27. IFRS 16 Leases was issued by the IASB on 13 January 2016 and has a mandatory effective date of 1 January 2019. It has been updated to make the wording consistent with the 2022 IFRS Accounts factsheet. GAAP1). IAS 31. December 2017. This includes educational material and webinars A. IFRIC 23 Uncertainty over Income Tax Treatments (IFRIC 23) is set out in paragraphs 1–14 and Appendices A, B and C. 3. [1] [2] It will replace IFRS 4 on accounting for insurance contracts and has an effective date of 1 January 2023. Jun 1, 2021 · 1 IFRS 17 at a glance 2 1. [Refer: IFRS 17 paragraph 7(a), (c) and (d) for contracts in the scope of IFRS 15, not IFRS 17] However, an entity may choose to apply this Standard to insurance contracts that have as their primary purpose the provision of services for a fixed fee in accordance with paragraph International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates (IAS 21) is set out in paragraphs 1–62 and the Appendix. Current tax liabilities (assets) for Nov 23, 2021 · (5) IFRS 17 applies to insurance contracts, reinsurance contracts as well investment contracts with discretionary participation features. the auditor’s responses to the assessed risks of material misstatement including testing how management made the Solution #1. 7 CSM subsequent to initial recognition 158 17. whereas on 18 May 2017, the International Accounting Standards Board (IASB) issued a new standard on insurance contracts, International Financial Reporting Standard (IFRS) 17; whereas, if endorsed by the EU, IFRS 17 will become effective in the EU on 1 January 2021 and will replace the interim standard IFRS 4; whereas IFRS 17 is the third International Financial Reporting Standard 12 Disclosure of Interests in Other Entities (IFRS 12) is set out in paragraphs 1–31 and Appendices A–D. All paragraphs have equal authority. (e) the insurance contracts are assumed to meet the conditions in paragraphs 14–23to be assessed together and to be combined into a group on initial recognition. Other Standards have made minor amendments to IFRS 11, including Annual Improvements to IFRS Standards 2015–2017 Cycle (issued December 2017). the disclosures that an entity should give about the date when the financial statements were authorised for issue and about events after the reporting period. The objective of the amendments is to assist entities implementing the Standard, while not unduly in IFRS 17 are more extensive than the current reporting frameworks in many jurisdictions under IFRS 4, Insurance Contracts (IFRS 4), an interim standard effective prior to the adoption of IFRS 17. May 2024 IASB meeting agenda posted. IAS 32. an operating lease if the lease does not transfer substantially all the risks and rewards incidental to ownership. 113 b The beginning of the earliest period for which an entity presents full comparative Jul 14, 2020 · On 25 June 2020, the International Accounting Standards Board (IASB) issued 'Amendments to IFRS 17' to address concerns and implementation challenges that were identified after IFRS 17 'Insurance Contracts' was published in 2017. Keep in touch with developments on HKFRS 17. In May 2014 the Board amended IFRS 11 to provide guidance on the accounting for acquisitions of interests in joint operations in which the activity constitutes a business. Insurers need to indicate the expected (yet unearned) profit with the contractual service margin (CSM), and only recognize the IFRS Accounting Standards Navigator. 3 of IFRS 9; and; the temporary exemption in paragraph 20A of IFRS 4 that provides a temporary exemption to some insurers from applying IFRS 9 until they apply IFRS 17. Hence, IFRS 4 has allowed insurers to use diferent accounting policies to measure similar May 5, 2017 · IFRS 17 explained simply in 3 minutes. This Standard does not mandate which entities produce separate financial statements. Earlier application is permitted. IAS 28 should be read in the context of its objective and the Basis for Conclusions, the Preface to IFRS International Financial Reporting Standard 8 Operating Segments. GAAP and the PAA under IFRS 17. IFRS 17 must be applied retrospectively unless it is impracticable, with the net effect of adoption being recognised in equity as In October 2018, the Board amended IFRS 3 by issuing Definition of a Business (Amendments to IFRS 3). Apr 30, 2018 · IFRS 17 could also have financial stability implications. S. In May 2011 the Board issued a revised IAS 27 with a modified title— Separate Financial Statements. Exploration for and evaluation of mineral resources. IFRS 13 Fair Value Measurement (issued May 2011), Annual Improvements to IFRSs 2011–2013 Cycle IFRS 17 requires companies to measure insurance contract on updated estimates and assumptions which reflects timing of cash flows (the discount rate) and the uncertainty of insurance contracts (the risk adjustment). BC399-BC401) Effective date (paragraphs C1 and C2 of IFRS 17) (paras. BC405-406) IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is set out in paragraphs 1–86 and Appendices A–E. IFRS 17 replaces IFRS 4 Insurance Contracts. The IASB has undertaken a number of activities to support consistent application of the Standard. The classification of leases adopted in this Standard is based on the extent to which risks and rewards incidental to ownership of a leased asset lie with the lessor or the 2. 21 or paragraph 6. IAS 17 prescribes lessee and lessor Sep 25, 2020 · 4. DOI: 10. Messrs Cope and Schmid dissented. IFRS 7. hk for more information. Scope. 6 CSM on initial recognition 153 17. According to IFRS 17, the insurance contracts are initially measured at the sum of: Fulfilment cash flows; in this example, we have: Estimates of future cash inflows, being premiums expected to receive from policyholders amounting to 15 CU per contract. Due to the technical nature of the subject, the example used f t. By aligning their finance transformation programs with IFRS 17 compliance, insurance companies can Aug 12, 2021 · Implementation of IFRS 17 ‘Insurance Contracts’. 3. from paragraph. E-mail insurance@hkicpa. identify the performance obligations in the contract. The objective of this Standard is to prescribe: when an entity should adjust its financial statements for events after the reporting period; and. IAS 17 Leases. IAS 38 should be read in the context of its objective and the Basis for Conclusions, the Preface to IFRS Standards and the Disclosures in the Financial Statements of Banks and Similar Financial Institutions. the auditor’s responses to the assessed risks of material misstatement including testing how management made the This amended IAS 37 to clarify that for the purpose of assessing whether a contract is onerous, the cost of fulfilling the contract includes both the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The fulfilment cash flows consist of estimates of future cash flows, and a risk adjustment for non-financial risk. 2017. Dec 2, 2020 · IFRS 4 applies to virtually all insurance contracts (including reinsurance contracts) that an entity issues and to reinsurance contracts that it holds. e. ”. Register with us to receive free access to the HMTL and PDF files of the current year's consolidated Issued IFRS Accounting Standards and IFRIC Interpretations (Part A), the Conceptual Framework for Financial Reporting and IFRS Practice Statements, and Feb 17, 2021 · Comparative information (paragraphs C25-C28 of IFRS 17) (paras. Chapter 30 IAS 10 Events after the Reporting Period 323 31 IAS 24 Related-Party Disclosures 327 32 IAS 33 Earnings per Share 349 33 IAS 32 Financial Instruments: Presentation 361 34 IFRS 7 Financial Instruments: Disclosures 367 35 IFRS 8 Operating Segments 391 Nov 1, 2005 · IFRS 4 Insurance Contracts. In May 2020 the Board issued Covid-19-Related Rent Concessions, which amended IFRS 16. The final standard was published in June 2017 and will apply for annual periods beginning on or after January 1, 2021. IAS 41 establishes the accounting treatment for biological assets during their growth, degeneration, production and procreation, and for the initial measurement of agricultural produce at the point of harvest. IAS 32 should be read in the context of its objective and the Basis for Conclusions, the Preface About. Paragraphs in bold type state the main principles. the amount of change, cumulatively, in the fair value of the financial liability that is attributable to changes in the credit risk of that liability (see paragraphs B5. 2. IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. In October 2017 IFRS 9 was amended by Prepayment Features with Negative Compensation (Amendments to IFRS 9). This amended IFRS 3 to narrow and clarify the definition of a business, and to permit a simplified assessment of whether an acquired set of activities and assets is a group of assets rather than a business. Deposits on returnable containers (IAS 37) 01 May 2014. Exclusive Modifications to revenue recognition under IFRS 15. [3] The original effective date was meant to be 1 January 2021. IAS 21 should be read in the context of its objective and the Basis for Conclusions Mar 20, 2023 · We propose a model for risk adjustment, in the context of IFRS 17, for surrender risk. Interest Rate Benchmark Reform—Phase 2, which amended IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, issued in August 2020, added paragraphs 104–106 and C20C–C20D. Dec 30, 2017 · EVALUATION OF IFRS 17 INSURANCE CONTRACTS STANDARDS FOR INSURANCE COMPANIES. In order to view our Standards you need to be a registered user of the site. 17261/Pressacademia. An entity shall apply these amendments for annual reporting periods beginning on or after 1 January 2021. They include. BC402-BC404F) Early application (paragraphs C1 and C2 of IFRS 17) (paras. IFRS 15 provides a comprehensive framework for recognising revenue from contracts with customers. 13 May 2024. This factsheet answers some key frequently asked questions about the standard. xo zh yf hk wj sv iq cl fh ee