The future accounting in insurance companies: The International Financial Reporting Standard 17 - Insurance contracts

Abstract

The insurance industry has relevance in the world economy. After the financial crisis that was experienced globally, insurers are reorganizing their business strategies to obtain the greatest benefit from the benefits of economic recovery. With its approval in May 2017, IFRS 17 incorporates unprecedented changes in the accounting for insurance contracts and reinsurance contracts (holders and issuers), which form and what should be taken into account at the time of preparation and preparation of the financial statements. The objective of this research work is to expose several points of view of authors, by reviewing the approach that has been unified by the IASB for the correct application of this international regulation. The methodology applied in this work has been documentary research, important to determine that the regulations will cause a radical change. This has been done with the purpose of increasing the compatibility between the countries where this accounting framework is applied, regardless of whether the entity is regulated as an insurer or that a contract has characteristics that resemble insurance or reinsurance contracts.