International Financial Reporting Standards (IFRS) Foundation issued IFRS 17: Insurance Contract which is effective for annual reporting periods beginning on or after 1 January 2023 with earlier application permitted as long as IFRS 9 is also applied.

While it has been argued that accounting setting is a political process, it has also been argued that when developing accounting standards by accounting standard setters such as the IASB or FASB, the accounting standard setters give consideration to the potential economic and social implications of any changes.

Please describe how IFRS 17 and financial reports based on this standard are the result of various social and environmental considerations

(please answer to the questions in about 1000 words)