close
Share with your friends

IFRS 17 – Moving forward with implementation

What this means for users and preparers of financial statements.

What this means for users and preparers of financial statements.

The effective date for IFRS 17 Insurance Contracts is now 1 January 2023, following the decision to delay implementation for a year. During the current COVID-19 lockdown, many insurers are working innovatively to continue their testing programmes and it will be critical to continue this to achieve a full year of parallel running of new systems.

In this podcast, KPMG's global insurance accounting change lead, Mary Trussell, speaks with Bob Owel, a director in KPMG’s International Standards Group, and explains that the more insurers have done to focus on their IFRS 17 preparations, the more concerned they are about meeting that 2023 effective date.

Listen on >iTunes  >Spotify  >Google Podcasts

“Even though it might be tempting to drop your pens … I would say keep up momentum. I appreciate the challenges that the executive committees of insurers are facing, especially in the current environment with the ongoing pandemic. Priorities may be shifting regularly. Detailed planning for IFRS 17 remains critical.”

Mary Trussell
KPMG's global insurance accounting change lead


“It’s crystal clear to me there’s a lot of work to do for insurers, but the good news is that there’s more certainty about the requirements, and insurers will be able to move forward with confidence to be able to implement the standard by 2023.”

Bob Owel
Director, KPMG’s International Standards Group

Connect with us

© 2020 KPMG IFRG Limited is a UK company, limited by guarantee. All rights reserved. KPMG IFRG Limited, registered in England No 5253019. Registered office: 15 Canada Square, London, E14 5GL, UK.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.