IFRS 17 is the newest IFRS standard for insurance contracts and replaces IFRS 4 from January 2022. It states which insurance contracts items should by on the balance and the profit and loss account of an insurance company, how to measure these items and how to present and disclose this information. IFRS 17 implementation projects are picking up speed – and so too are the challenges for large and small insurers preparing for the insurance contracts accounting standard.