FRS 17: Insurance Contracts – Financial Reporting, Tax Implications and Regulatory Compliance for Revenue Authorities is a specialised five-day programme designed to strengthen the technical knowledge and practical capabilities of revenue authority professionals in interpreting insurance-related financial information, understanding the tax implications of insurance accounting, and enhancing compliance monitoring within the insurance sector.

The introduction of IFRS 17 has significantly changed how insurance companies recognise, measure, present and disclose insurance contracts in their financial statements. The standard establishes a consistent framework for reporting insurance contract obligations, insurance revenue, claims, expenses and profitability. These changes have important implications for financial transparency, corporate tax assessment, regulatory supervision and the identification of potential tax compliance risks.

For revenue authorities, understanding IFRS 17 is particularly important because the accounting results reported by insurance companies may influence the analysis of taxable income, deductible expenses, insurance liabilities and other tax-related adjustments. However, the accounting treatment under IFRS 17 does not necessarily determine the tax treatment of every transaction. Revenue officials therefore need to understand how to distinguish accounting profit from taxable profit, identify temporary and permanent differences, assess deferred tax implications where applicable, and apply the relevant domestic tax legislation when examining insurance company tax returns.