The impact of transitioning from UFRS 4 to UFRS 17 insurance contracts standard on financial statements

The study was based on examining the effects of the transition from IFRS 4 to IFRS 17 insurance contracts standard on financial statements in a developed thesis. The first section includes the purpose and rationale of the thesis. The second section discusses insurance and insurance accounting. The third section explains the necessity and emergence of IFRS 17 insurance contracts, and provides information on changing methods, applications, and accounting transactions during the transition to IFRS 17. In the fourth section, the new chart of accounts is interpreted and its effects are analyzed together with the changing standard. Additionally, financial results are compared by calculating new and old financial statements for an insurance company with the same financial data. In the conclusion section, the financial results and the effects of decision-making situations are interpreted, and the findings in the new standard are presented.