IFRS 17 - Insurance Contracts is a standard introduced by the International Accounting Standards Board (IASB) to provide a consistent framework for the accounting of insurance contracts. It replaces the previous IFRS 4 standard and aims to enhance comparability and transparency across entities reporting insurance contracts worldwide.

Under IFRS 17, insurance contracts are measured using a current or updated value measurement model that reflects the present value of future insurance obligations. It introduces a uniform approach to financial reporting by defining how insurers should account for insurance contract liabilities.

This standard ensures that insurers provide relevant information to reflect the financial performance and position regarding the issuance of insurance contracts. For instance, it clarifies how to recognize income, expenses, assets, and liabilities resulting from insurance contracts on the balance sheet and income statement.

An example of application would be how an insurance company recognizes revenue from premiums and reports the associated liabilities using a comprehensive measurement model, aligning with the principles of IFRS 17. It helps stakeholders such as investors and regulators to have clear insights into an entity's insurance-related operations.