Tax experts call for IFRS compliance

TAX experts are encouraging industries to comply with IFRS 17, an insurance accounting standard that compels companies to provide true and fair reflection of contractual obligations.

The standard was introduced in 2017 and came into effect on January 1, 2023.

Principles for the recognition, measurement, presentation, and disclosure of insurance contracts within the scope of the standard are established in IFRS 17.

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