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On December 26, 2020, DSAK IAI ratified PSAK 74 (Adoption of IFRS 17 Insurance Contracts) on Insurance Contracts which is expected to be effective on January 1, 2025. The issuance of PSAK 74 and the application of IFRS 17 to Islamic insurance contracts or Takaful has raised questions from people in other countries regarding the application of PSAK 74 to Islamic insurance contracts in Indonesia.
In its press release, DSAS IAI emphasized that PSAK 74 is not applicable and does not apply to Islamic insurance contracts. PSAK 74 does not replace or make reference to Islamic insurance contracts as stipulated in PSAK 108 concerning accounting for Islamic insurance transactions.
Further information “Press Release – PSAK 74 and Islamic Insurance” can be downloaded at the following link:
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