The deferment of the effective date of the International Financial Reporting Standard (IFRS) 17 to Jan 1, 2023 from Jan 1, 2021 is a necessary reprieve for insurers especially now as companies struggle to confront the challenges COVID-19 has presented to their customers, people and business.
Head of Insurance at KPMG in Malaysia, Mok Wan Kong said most insurers have already started on their IFRS 17 implementation journey, but the COVID-19 pandemic has changed the dynamics of the business landscape.
"As a result, many are forced to decide whether to prolong the implementation project timeline to align with the new effective date, or pause and focus instead on building up their business during this pandemic recovery period," he said.
However, Mok said for those that are well into their IFRS 17 journey, what was already a long‑haul just got longer and prolonging the project timeline would mean that keeping the costs of change under control has become even more of a challenge.
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