IAS 17 "Insurance Contracts": New Approaches to Auditing Insurance Transactions

Starting from January 1, 2025, insurance companies apply IAS 17 «Insurance Contracts». The information disclosed in accordance with the requirements of the standard identifies and explains the amounts reflected in the insurer’s financial statements in relation to insurance contracts, and helps users of these financial statements understand the amount, timing and uncertainty of future cash flows from insurance contracts. The article discusses methodological approaches to the development of procedures for verifying the reflection of insurance transactions in accordance with IAS 17 «Insurance Contracts».