Preparing the Market for IFRS 17
The new insurance contracts standard, IFRS 17, aims to increase transparency and to reduce diversity in the accounting for insurance contracts. The standard is currently due to become effective for annual periods beginning on or after 1 January 2021. However, in November 2018, the International Accounting Standards Board tentatively decided to propose a one-year deferral of the effective date to 2022. It has also tentatively decided to propose several amendments to IFRS 17 to address stakeholders' concerns and implementation challenges.
The magnitude of evolving insurance accounting change should not be underestimated, particularly when considering the impact of the new financial instruments and revenue standards. Insurers need to proceed at pace with their plans for implementation. There is much that needs to be done in what is still a relatively short time.
Our materials will help you understand the evolving proposals and assess the potential impact on your company.
Look out for further updates on this page.