IFRS 17/TFRS 17 Insurance Contracts

IFRS 17 "Insurance Contracts" ("IFRS 17"), long awaited by the insurance sector, was published by the IASB (International Accounting Standards Board) on 18 May 2017 and, following the latest amendments, is planned to be effective from 1 January 2023. The standard brings significant changes to financial reporting, including changes to systems, processes and data requirements. Insurers will therefore need to assess the effects of the standard thoroughly and plan their implementation projects carefully.

The IASB's aim is to provide greater transparency and comparability than existing accounting standards. This means major changes to the way insurers present financial information. The standard is complex, so adequate planning will be needed during implementation to understand its impact on your company. Such planning will allow you to maximise the value of your implementation project and minimise disruption to your business.

IFRS 17 offers an opportunity to use data more effectively, improve the structure of your finance function and obtain the best information for decision-making. Assessing the requirements of IFRS 17 will take considerable effort, because it will have far-reaching effects across your company. It will affect not only the finance and IFRS 17 project teams but all employees involved with systems, data and processes.

As a leading professional services provider to insurers around the world, SFAI has extensive knowledge of the issues and challenges insurers face with IFRS 17. Our priority is always to help you plan and understand how to make better use of IFRS 17 outputs and to get the maximum benefit from your projects. Our expert specialists are ready to help you on this journey.