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Transition to IFRS 17 - June 2019

Transition to IFRS 17 - June 2019

Preparing the Market for IFRS 17.

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Simon Nicholas

Partner: Audit and Advisory

KPMG in the Isle of Man

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Exposure Draft issued

The proposed amendments to IFRS 17 Insurance Contracts have been published.

The key proposals are a one-year deferral of the effective date of IFRS 17 to 2022 and changes to the standard's requirements in seven important areas.

Even with the extra year, many insurers will need to step up the pace of their implementation efforts to reach the finish line in good shape. You will need to develop a clear picture of how the proposals will impact your specific business and IFRS 17 action plans.

Read our article on IFRS 17 amendments to find out more. You can also access our video content and a high-level visual guide on our new Amendments to IFRS 17 web page.

The International Accounting Standards Board is accepting comments on the proposals until 25 September 2019.

The term Partner refers to a member of KPMG LLC / KPMG Audit LLC.

© 2019 KPMG LLC, an Isle of Man limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

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