Effective for annual periods beginning on or after January 1. 2021:

IFRS 17 Insurance Contracts (New in 2017; replaces IRS 4) Under the new Standard, IRS 17 requires a company to measure insurance contracts using updated estimates and assumptions that reflect the timing of cash flows and any uncertainty relating to insurance contracts. This requirement will provide transparent reporting about a company's financial position and risk.

Instructions

Write a short memo (maximum 1 page) in Microsoft Word responding to the change in accounting standards. You may choose to either agree or disagree with the new standard. Write professionally, in good form, and use the concepts and theories discussed in today's class to support your arguments one way or the other.