IFRS 17 will apply as from 1 January 2023. Depending on which stage of the IFRS 17 implementation process you are, Finalyse can help you with the gap analysis, the proof of concept, the development of the right tools and processes to meet the target operating model, your impact analysis, the parallel runs and the go-live launch.
The new accounting standard changes the recognition, measurement, presentation and disclosure of insurance contracts. It directly impacts how insurers value their insurance liabilities on their balance sheet and how they recognise profits in their Income Statement.
We define business, functional, and technical requirements
We facilitate coordination between functions such as Finance, Actuarial and IT in the process of accounting systems upgrading
We design and test use cases, and deploy parallel and dry runs
We help insurers select the right risk mitigation techniques and ALM strategies to reduce IFRS 17’s Income Statement and Balance Sheet volatility
We help you select your target operating model / IT tool
We offer parallel implementation of IFRS 17 and IFRS 9
On the 25th June 2020, the International Accounting Standard Board (IASB) has published several amendments to IFRS 17. These amendments address many of the concerns raised by the industry and aim at facilitating the implementation of IFRS17, without deviating from its underlying principles. Along with a postponed implementation deadline, the amendments aim mostly at decreasing the administrative cost and complexity as well as improving the consistency of the financial statements results. This article goes through all the changes that result from these amendments, and discusses their impact on the IFRS 17 implementation.
ReadThis Expert input gives a basic overview of IFRS 17 and how it is going to be different from the current standards (IFRS 4). We note that there are some similarities between some of the aspects of Solvency II and IFRS standards and examine them, as well as the differences. Furthermore, there are predictions on how the standards are going to influence the operations of insurers and their contracts. Since the insurers are likely to implement IFRS 17 in concert with IFRS 9, the expert input also focuses on how this joint implementation is likely to proceed, what the main challenges are and why it is ultimately a good decision to implement them together.
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