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IFRS 17 – Moving forward with implementation

What this means for users and preparers of financial statements.

What this means for users and preparers of financial statements.

The effective date for IFRS 17 Insurance Contracts is now 1 January 2023, following the decision to delay implementation for a year. During the current COVID-19 lockdown, many insurers are working innovatively to continue their testing programmes and it will be critical to continue this to achieve a full year of parallel running of new systems.

In this podcast, KPMG's global insurance accounting change lead, Mary Trussell, speaks with Bob Owel, a director in KPMG’s International Standards Group, and explains that the more insurers have done to focus on their IFRS 17 preparations, the more concerned they are about meeting that 2023 effective date.

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“Even though it might be tempting to drop your pens … I would say keep up momentum. I appreciate the challenges that the executive committees of insurers are facing, especially in the current environment with the ongoing pandemic. Priorities may be shifting regularly. Detailed planning for IFRS 17 remains critical.”

Mary Trussell
KPMG's global insurance accounting change lead

“It’s crystal clear to me there’s a lot of work to do for insurers, but the good news is that there’s more certainty about the requirements, and insurers will be able to move forward with confidence to be able to implement the standard by 2023.”

Bob Owel
Director, KPMG’s International Standards Group

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