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Understanding Insurance Contract Accounting: A Deep Dive into IFRS 17’s Three Models
April 2, 2024by Dr Dawkins Brown
The International Financial Reporting Standard 17 (IFRS 17) represents a significant shift in the accounting for insurance contracts, introducing a more consistent, transparent, and comparable approach. It establishes three distinct models for insurance contract accounting: the General Measurement Model (GMM), the Premium Allocation Approach (PAA), and the Variable Fee Approach (VFA). Each model offers a...
