Gearing up for a paradigm shift

Are you prepared for IFRS17?


The new International Financial Reporting Standard (IFRS 17) for insurance contract accounting –previously known as IFRS 4 Phase II is now closer to finalisation after many years of research and drafting. 

IFRS 17 will be introduced effective January 1, 2021 as a much needed, robust standard. It serves to address the challenges found in the current standard, IFRS 4, which allows a myriad of different accounting policies, thus resulting in a lack of comparability even within insurance groups.
 

The financial and operational implications from adoption of IFRS 17 will vary by entity. However, the new standard is expected to bring about pervasive changes for insurers, especially in the areas of:

  • Liability measurement
  • Profit recognition
  • Data requirements
  • Operations and systems
  • Reporting timetable
  • Product strategy

“Gearing up for a paradigm shift - Are you prepared for IFRS17?” explains the implications of this new reporting standard for insurers and regroups some key learnings from some of the early adopters.

The following paper is an overview of the key features of IFRS 17, the challenges and learning points, as well as suggestions on how insurers can pragmatically approach the implementation of the new standard.

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At a glance


Coming soon

Stay tuned for more updates on IFRS 17 as we approach the announcement date. Keep an eye out for our upcoming briefing sessions on the new regulation where we shall share in more detail IFRS 17's implications to insurers and what you need to do to comply.
 

Contact us

Woo Shea Leen
Insurance Leader
Tel: +65 6236 3908
Email

Chen Voon Hoe
Partner, Accounting Advisory Leader
Tel: +65 6236 7488
Email

Ang Sock Sun
Partner, Risk Assurance
Tel: +65 6236 3638
Email