Features of application of provisions of IFRS 17 ”Insurance contracts”

Abstract

The necessity of implementing of IFRS 17 "Insurance contracts" arose primarily because investors faced difficulties in analyzing the financial statements of insurance companies of different jurisdictions, in terms of the incompatibility of information presented in the financial statements of various countries. 17 IFRS "Insurance contracts" defines an insurance contract is a contract under which the holder transfers a significant insurance risk to the Issuer, who promises to compensate in case of insured event the contract holder. However, there are a number of questions as to whether some contracts involving payments fall under the definition of insurance contracts. For example: this applies to annuities and derivatives. As for annuities, a number of them fall under the definition of the insurance contract. For example: those who transfer a significant part of the insurance risk and have an obligation to pay a fixed amount to the contract holder for a certain period of time (retirement insurance contract). JEL: M41.