IFRS 17

Much more than an accounting issue


Insurers will need to think quickly and holistically about the dramatic impacts of IFRS 17 on their organizations. The new standard should be considered much more than an accounting issue. The standard will have significant implications for IT systems, strategic management, business processes and employee skill sets.
 

 

 


“For many Insurers, IFRS17 will fundamentally change the way you manage, measure and report business results. Although the changes seem daunting, this new standard gives you the opportunity to revisit your business model and optimize your financial reporting infrastructure.”


- Allan Buitendag, National Insurance Leader

 

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IFRS 17: Insurance accounting changes redefining the industry

Standarizing the accounting is a desirable goal that comes at a significant cost and has important business impact. But it also comes with great opportunity.


As you approach the changes ahead, you’ll face a number of challenging questions:
 

To what extent will the change in revenue and earning pattern impact your product, investment and business strategy?
 


 

Transition will be comprehensive and complex; you’ll need to start pricing and develop business plans on an IFRS 17 basis before the effective date of the new standard. What will be the level of education, training and commutation needed?


 

How will IFRS 17 affect key areas (operational processes, systems, reporting and management information, compensation plans, key performance indicators, tax, controls and debt covenants) in your company?
 


 

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How does IFRS 17 impact you? 

PwC's Alodie Brew and Marco Fillion deliver a presentation about the impact of the new International Financial Reporting Standard (IFRS 17) on both Life and P&C insurers. Discover the top 10 questions insurers should be asking and find out the next steps. 


Our experience

PwC is a worldwide leader in insurance finance and actuarial conversions. Our IFRS 17 team brings you leading thinking from its global experience and uses it in a way that’s relevant to you. Our accelerator tools for impact assessments, financial modelling, target operating model design, budgeting and project management will help you hit the ground running. We’ll work as an integrated team with you to ensure alignment and knowledge transfer for you to take control and be ready by January 1, 2021.

How will we help you navigate the IFRS 17 changes?

  • education and awareness training
  • help hitting the ground running faster with our accelerator tools
  • actuarial models to analyze profit signatures and identify operational and accounting policy issues
  • globally and locally connected specialists who will help you assess and make decisions consistent with the industry
     


Related Content


Redefining insurance accounting

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


Property and Casualty Insurers - Are you prepared for IFRS 17?

An overview of the key features and challenges of IFRS 17, as well as suggestions on how P&C insurers can approach the implementation of the new standard. 


Insurance EyeOpener IFRS 17 Presentation

In May 2017, Alodie Brew and Marco Fillion delivered a presentation about the impact of IFRS 17, the top 10 questions insurers should be asking, and the next steps.


The wait is nearly over? IFRS 17 is coming, are you prepared for it?

IFRS 17 (previously IFRS 4 Phase II) is expected to be issued in early 2017 with an effective date of 2021.


The IFRS chronicles: Chapter one—The wait is nearly over

The new international financial reporting standard (IFRS) for insurance contracts, commonly referred to as IFRS 17, is now expected to be released in May 2017, with likely an effective date of 2021.


Insurance contracts: What audit committees need to know about the new insurance standard

After many years of deliberations and consultation, the new accounting standard for insurance contracts (IFRS 4 Phase II) appears to be approaching the final stages. The IASB is working towards issuing the final standard in 2016.

Contact us

Allan Buitendag

Partner, National Insurance Leader, Toronto

Tel: +1 416 815 5239

Email

Alodie Brew

Partner, Toronto

Tel: +1 416 947 8957

Email

Chris Couture

Partner, Toronto

Tel: +1 416 687 8232

Email

Marco Fillion

Partner, National Actuarial Services Leader, Toronto

Tel: +1 416 814 5789

Email

Owen Thomas

Partner, Insurance, Toronto

Tel: +1 416 687 8009

Email