International Financial Reporting Standard (IFRS) 17 for insurance contracts becomes effective for insurers and reinsurers on January 1, 2022. An accounting-driven standard, IFRS 17 requires greater integration of actuarial and accounting systems, creating significant operational challenges related to data, processes, modeling, governance, and auditability. Understanding the actuarial implications of IFRS 17 is a major task—and turning the calculations into a consistent accounting framework requires accountants familiar with the specific technical details of IFRS 17.
In this article, Dieter Van der Stock, a director within the Moody’s Analytics IFRS 17 product management team, examines one essential undertaking to enable greater integration of actuarial and accounting standards: designing an appropriate chart of accounts and posting document.
Read “IFRS 17 Calls for Greater Integration of Actuarial and Accounting Systems” to learn more.