As insurers prepare for IFRS 17, some are starting to recognize that the new accounting standards will have a significant impact across many areas of their business.
By now, most insurers should already be thinking about the practical implementation of IFRS 17. Accounting and actuarial teams have read the new rules, begun estimating the financial impacts and started creating their roadmap to achieve compliance.
Insurers know that the shift to IFRS 17 will mean developing new accounting and actuarial policies and procedures and redesigned year end reporting process, documentation and controls. They recognize that the new standards will require designing systems changes to perform new calculations, the collection and storage of new data and rigorous testing to ensure smooth adoption.
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