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The Malaysian Accounting Standards Board (MASB) issued MFRS 17 ‘Insurance Contracts’ to replace the identically titled, interim standard, MFRS 4. The new Standard came into effect for reporting periods beginning on or after 1 January 2023. As its title suggests, MFRS 17 addresses the accounting for insurance contract rather than being explicitly aimed at insurance entities. As a result, it applies equally to insurance contracts issued by insurance and non-insurance entities.
The articles in our ‘Insights into MFRS 17’ series explain the key features of the Standard and provide insights into its application and impact.
This article examines the scope of the Standard and considers situations where a contract issued by a non-insurance entity may fall within that scope. For the purposes of this publication, a non-insurance entity should be considered as any entity whose primary source of business is not the issuance of insurance contracts as defined in MFRS 17, and whose contractual activities are not actively monitored by an insurance regulator.
How we can help
We hope you find the information in this article helpful in giving you some insight into MFRS 17. If you would like to discuss any of the points raised, please do not hesitate to contact us.
Partner - Risk Management and Quality