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IFRS – Insurance

IFRS – Insurance

KPMG’s insights on accounting change for insurers.

KPMG’s insights on accounting change for insurers.

Considerable accounting changes for insurers on the way

The new insurance contracts standard, IFRS 17, aims to increase transparency and to reduce diversity in the accounting for insurance contracts. The current version of the Standard was issued in May 2017.

Responding to stakeholders' concerns and implementation challenges, the International Accounting Standards Board has proposed an effective date of 1 January 2023 for IFRS 17 – a two-year deferral compared to current IFRS 17 – and amendments in eight important areas of the standard.

The magnitude of evolving insurance accounting change should not be underestimated. Even with the extra two years, many insurers need to step up the pace of their implementation. There is much that needs to be done in what is still a relatively short time, especially considering the opening balance that needs to be prepared as at 1 January 2022.

Our materials will help you understand the changes that will be made to the current version of IFRS 17 and assess the potential impact on your company. Look out for further updates on this page.

 

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