The International Accounting Standard Board’s (IASB’s) replacement for IFRS 4 Insurance Contracts is approaching its final stages of development.
Illustrative examples of the impact of IFRS 17 on insurers financial statements.
Although the publication date of the forthcoming standard IFRS 17 is not yet known, the majority of its requirements have been tentatively agreed by the IASB. Including the detailed and complex presentation disclosure requirements.
The new accounting standard will represent a significant change for many insurers both in terms of financial results and operating model. A core component of these changes are the new presentations and disclosures.
These changes will re-shape primary statements and change the disclosures in the financial statements. Changes to the data gathered and maintained will be needed. This will be a complex exercise for many companies. Using illustrative examples, our new report - Opening the black box: Demystifying IFRS 17 - we unpack this complexity for the industry so that the implementation can be planned as efficiently as possible. In addition, new IT systems can be planned for, with greater confidence, building in the new requirements, future-proofing investment dollars.
KPMG has recently developed a new tool that links the presentation and disclosure requirements to the detailed data requirements. Please reach out to one of the contacts below to learn more, or email email@example.com.
KPMG’s global accounting change team conducted the complex exercise of working through the impacts of IFRS 17 using an illustrative example.
Changes introduced by IFRS 17 will lead to changes in performance measurement.
Data management will be critical to effective and successful IFRS 17 implementation.
The level of detail necessary for users of financial statements to understand...
Systems and processes will require additional development under IFRS 17...
Forward-thinking insurers are starting to prepare their road map for IFRS 17...
Podcast series on Insurance Accounting Change.