What is IFRS17? Discuss the areas of applicability of IFRS17 in insurance contracts.

International Financial Reporting Standards-17 (IFRS-17) establishes the principles for recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS-17 is to ensure that any entity provides relevant information that faithfully represents these contracts. The areas of applicability of IFRS-17 in insurance contracts include: Insurance contracts including inward reinsurance contracts accepted. Reinsurance contracts ceded. Investment contracts with discretionary participation features, by an entity which issues insurance contract as well.