After several months of redeliberations, the International Accounting Standards Board (the Board) has published the final amendments to IFRS 17 Insurance Contracts.
Insurers now have just 18 months to get ready to present their opening balance sheet in accordance with IFRS 17.
Read our article and watch our video summarising the key amendments and the next steps for insurers.
In our experience many insurers still have much work to do to be ready for 2023. Many, particularly in the current environment and the challenges presented by COVID-19, will be highly focused on cost containment.
To help you understand how to spend your time and money wisely to accelerate the implementation of IFRS 17, we are offering the upcoming webcast to discuss the revisions to IFRS 17 and what this means for your projects.
During the webcast, we will discuss practical actions and steps insurers should be taking now to ensure they can meet the revised deadline with confidence, along with lessons learned from previous complex standard implementations that can be applied to your projects.
Date: Wednesday 15 July 2020
Time: 8:00am (EDT)/1:00pm (BST)/2:00pm (CEST)
This webcast will last approximately 90 minutes and will be recorded and a link circulated for those unable to attend.
KPMG member firms’ approach to implementing IFRS 17 and IFRS 9 is distinctive, recognising that this is more than just a technical accounting and actuarial issue, providing the opportunity for insurers to streamline their processes and ensure clear and concise communication to shareholders, investors and other key stakeholders.
For further details on IFRS 17, contact Brian Morrissey, Head of Insurance, via this form.