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IAS 17 classifies leases into two types: an operating lease if the lease does not transfer substantially all the risks and rewards incidental to ownership. IAS 17 prescribes lessee and lessor accounting policies for the two types of leases, as well as disclosures.
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.
In May 2017, the International Accounting Standards Board introduced the International Financial Reporting Standard (IFRS) 17 to replace IFRS 4. IFRS 4 posed some challenges in determining the profitability of insurance contracts (i.e., contracts between the Insurers and policyholders). IFRS 17 addresses this by aligning the
By understanding these experiences, we can gain valuable insights into the ongoing transition and its impact on the Nigerian insurance industry. Download the full survey report or learn more about IFRS 17.
accounting of leases. Subject to early adoptions permitted in certain cases, the Standard became effective for reporting periods beginning on or after 1 January 2019. The importance and implications of the new standard are summarised to guide members in complying with the requirements. IFRS 16: LEASES Assets Liabilities Off balance sheet rights I
IAS 17 Leases The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation to leases.
9.4. Risk adjustment for non-financial risks.....140 9.4.1. Techniques used to estimate the risk adjustment for non-financial risk .....142 9.4.2. Presentation of the risk adjustment for non-financial risk in the
