Ten years after the publication of the first discussion paper on insurance contracts, the new International Financial Reporting Standard (IFRS) 17 was published on 18 May 2017. It is now effective for annual reporting periods beginning on or after 1 January 2023.
IFRS 17 represents the most significant change to insurance accounting in decades.
Under the new standard, the measurement and accounting principles for insurance liabilities are fundamentally changed and will impact future performance indicators. Insurance companies now have less than three years in which to introduce the standard and anticipate the impacts which will affect every aspect of the organisation.
Essential INED considerations re IFRS17
James and Vitalina discuss key questions that Board members can ask to navigate the transition to implementing IFRS 17 successfully in their firms.
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