With the effective date for IFRS 17 being
less than ten months away, financial
statements for insurance companies are
expected to undergo major changes. A key
area that may be easily overlooked as
insurers prepare to implement IFRS 17 is
IFRS 9 given that insurers are among the
largest holders of financial instruments
within the economy.
IFRS 9 became effective on 1 January 2018,
but insurance entities were given the
option to be exempted from applying IFRS
9 thereby continuing to apply IAS 39 until
annual periods beginning before 1 January
2023, same as IFRS 17
