Insights into PFRS 17 - Scope
26 Aug 2026
The International Accounting Standards Board (IASB) published IFRS 17 Insurance Contracts (IFRS 17), which was adopted in the Philippines as PFRS 17 Insurance Contracts. PFRS 17 is effective on 1 January 2027.
This Standard introduced insurance contract measurement principles that require the use of:
- current, explicit and unbiased estimates of future cash flows
- discount rates that reflect the characteristics of the contracts’ cash flows, and
- an explicit adjustment to reflect the presence of non-financial risk associated with the timing and amount of cash flows anticipated during the contract period.
The articles in our ‘Insights into PFRS 17’ series explain the key features of the Standard and provide insights into their application and impact. This article explains the objective and scope of PFRS 17.
The full publication is accessible and downloadable below.
The previous release in this series, which provide foundational discussions on earlier steps and key concepts under PFRS 17, are available below:
Insights into PFRS 17
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