Effects of the implementation of IFRS 17 „Insurance Contracts“ in the accounting system of insurers
Abstract
The article presents the main aspects of the new regulations in the accounting of insurance activity. The established financial reporting framework is being transformed on the basis of fundamental changes in regulatory and regulatory requirements. The basis of the started change is the transition to generally accepted rules for accounting for insurance contracts through the implementation of the new IFRS 17 “Insurance Contracts”. The update creates conditions for increasing the opportunities for comparability of information from the accounting systems specific to individual countries and is directly related to the growing trend of globalization in the insurance sector.
References
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