IFRS 17 "Insurance contracts" came into force for annual reporting periods beginning on January 1, 2023, and it completely replaced IFRS 4. The goal of the new Standard is to establish a consistent accounting model for insurance contracts. 

Every year, the International Accounting Standards Board (IASB) publishes new standards and amendments that significantly affect the presentation of financial statements. Creating financial reports in accordance with International Financial Reporting Standards (IFRS) is, therefore, quite challenging.

In May 2017, after almost 20 years of development, the International Accounting Standards Board published IFRS 17 "Insurance Contracts". IFRS 17 completely replaces the current IFRS 4 (published in March 2004) and the full application of the new standard becomes effective for annual periods beginning on or after January 1, 2023.