Risk.net recently published the IFRS 17 Special Report 2019. This new accounting standard will have a profound impact on insurers’ financial disclosures and operations. However, IFRS 17 also represents a major opportunity for the insurance industry to revolutionize reporting, analytics, and technology. Transformational leaders will use the implementation of the standard to create business value and competitive advantage from new data requirements, and to rethink and redesign their technology architecture. The report outlines the trends and changes to watch for in 2019 and beyond, and also provides interpretive guidance on key themes of IFRS 17.
Highlights of the report
Profit emergence under IFRS 17: Major changes are expected under the new IFRS 17 regime – insurance companies must make efforts to comprehend and communicate the full impact of changes to profit emergence under different scenarios, and its sensitivity to different methodology choices.
IFRS 17 implementation – preparation strategies ahead of 2022: Industry leaders discuss the main challenges to implementation and how processes are being adapted accordingly, how technological solutions can aid firms looking to change the way they measure financial performance, and the likelihood of the industry meeting the January 2022 implementation deadline.