Author: monikastowell
Canada – Department of Finance launches consultations on tax implications of international accounting rules for insurance contracts (IFRS 17)
Today the government is launching consultations with industry stakeholders on its intention to maintain the current alignment between the taxation of profits and the timing of income earning activities. May 28, 2021 – Ottawa, Ontario – Department of Finance Canada On January 1, 2023, new international accounting rules for insurance contracts – known as International Financial Reporting Standards (IFRS) 17 – will come into effect. IFRS 17 aims to improve the financial reporting of insurance contracts by mandating a consistent framework across countries, industries, and types of insurance contracts. It also aims to provide more transparent and useful information about ... Read more