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IFRS 17 CONTRACT BOUNDARY COVERAGE PERIOD

IFRS 17 is a new accounting standard that is set to replace the existing IFRS 4
standard for insurance contracts. The IFRS 17 standard introduces a number of
changes to the way insurance companies account for their contracts, one of which
is the contract boundary coverage period.

The contract boundary coverage period is the period of time over which an
insurance contract is in force. Under the IFRS 17 standard, insurance companies
are required to separate their contracts into coverage periods, which can be
either annual or multi-year periods. This is a departure from the IFRS 4
standard, which allowed companies to account for insurance contracts as a single
unit with no separation into coverage periods.

The separation of contracts into coverage periods enables insurance companies to
better estimate the cash flows that will arise from their contracts. It also
helps to reduce volatility in the measurement of insurance liabilities, which is
a key objective of the IFRS 17 standard.

The contract boundary coverage period is determined by a number of factors,
including the duration of the underlying risks, the terms and conditions of the
insurance contract, and the nature of the insured event. Insurance companies
must take all of these factors into account when determining the contract
boundary coverage period for each of their contracts.

In addition to the contract boundary coverage period, the IFRS 17 standard also
introduces significant changes to the way insurance companies account for the
acquisition costs of insurance contracts, the measurement of the liability for
incurred claims, and the measurement of insurance revenue.

Overall, the introduction of the IFRS 17 standard represents a significant
change for insurance companies, and it is important for companies to ensure that
they are properly prepared for the new standard. Companies will need to invest
in new systems and processes to comply with the standard, and they may need to
make significant changes to their existing accounting practices.

In conclusion, the contract boundary coverage period is an important aspect of
the IFRS 17 standard, and it represents a significant departure from the
existing IFRS 4 standard. Companies must be prepared to invest in new systems
and processes to comply with the new standard, and they must carefully consider
the contract boundary coverage period for each of their insurance contracts to
ensure compliance with the new requirements. By doing so, companies can ensure a
smooth transition to the new IFRS 17 standard and avoid any potential financial
or regulatory issues.

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