After many years of discussion and consultation, the International Accounting Standards Board (IASB) published the new accounting standards for insurance contracts, also known as IFRS 17. The implementation program is set for January 1st, 2021, which gives insurers little time to prepare for the implementation of the standard.
With its revolutionary scope, IFRS 17 is perceived as a big game-changer for the insurance industry. The changes apply to the valuation of insurance contracts, enhancing the comparability and transparency of insurers performance across companies, geographies and business lines. IFRS 17 will have major consequences for existing financial reporting, operations and data management.
In ‘IFRS 17: Impacts and Implementation Approach’ we will outline why IFRS17 was introduced, give an overview of its key components, assess possible impacts as well as actions to be considered in order to adopt IFRS 17 successfully.
The IFRS 17 Positioning Paper can be found here.