Are you ready for the challenges IFRS 17 will bring?
Insurers currently use a variety of different and largely inconsistent local approaches to measure the value of insurance contracts within their statutory financial statements.
The new IFRS 17 standard for insurance contract accounting has been released following 20 years of discussion. It’ll be effective for annual periods beginning on or after 1 January 2021. The long lead time is a reflection of the challenges envisaged around implementation.
IFRS 17 is a complex standard that includes some fundamental differences to previous accounting standards with regards both liability measurement and profit recognition. Many large insurers began assessing its potential impact before its release, putting them ahead of the game when it comes to effective planning.
By taking a structured approach to IFRS 17 project planning, you’ll be better able to overcome challenges and maximise opportunities.