The New Zealand Equivalent to International Financial Reporting Standard 17 Insurance Contracts (NZ IFRS 17) is a newly introduced accounting standard for all categories of insurance contracts, superseding NZ IFRS 4. The new standard sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts, applicable for reporting periods commencing on or after 1 January 2023.
It is a significant change in the way insurance contracts are reported, aimed at enhancing transparency, consistency and comparability across the industry. The transition to NZ IFRS 17 impacted policies and processes to ensure all information is available to account for and disclose transactions in accordance with reporting requirements.
This report provides insights from the FMA's review of the implementation of NZ IFRS 17 by New Zealand insurers. It will be useful for statement preparers, audit committees and auditors of insurers.
Download NZ IFRS 17 Insurance Contracts thematic review insights [PDF 579KB]
