GAAP change - IFRS 9, IFRS 15, IFRS 16
How we can help
Transition to new financial reporting standards provides a real opportunity to refresh, renew and enhance your processes through adopting the standard. We can help you grasp the opportunity to improve as well as comply. With our wide local and network experience, we can help you:
- Get organised. Provide insights of the impacts across your industry along with tools and techniques to help you get started with implementation
- Understand the impact. An initial high level impact review, followed by a detailed diagnostic to determine how the standard affects your financial picture, your investors, and the way you do business
- Transition and sustain. Develop an approach and action plan that covers all aspects of your project from inception to transition, and establish a robust governance structure with agreed project and change management protocol
Contact us to learn more about how we can help you ensure your financial reporting will be compliant with the new standards – and manage your business and process transformation in an efficient and measured way.
New IFRS 17 - Insurance Contracts
All insurance companies reporting under IFRS (International Financial Reporting Standard) will be impacted by the new reporting standard when it becomes effective in January 2023. IFRS 17 will result in significant changes to the way that financial information is presented, and adoption will require significant planning.
IFRS 17 presents opportunities to harness data more effectively, to improve the structure of your finance function and to better inform your decision making. Ultimately IFRS 17 is about what story you want to tell about your company… and if you really grab the opportunities that implementing the standard presents, imagine the sort of business you could be running in 2023.
Get your teams prepared for IFRS 17
The implementation of IFRS 17 will be a major challenge for the insurance industry, fundamentally changing accounting and reporting practices.
Our aim is to ensure that key stakeholders in your business have a sound understanding of IFRS 17 and its business impact ahead of IFRS 17 implementation in 2023. We have developed a suite of training materials to be delivered in one of three ways; via PwC facilitated training, via the comprehensive PwC IFRS 17 e-learning curriculum, or via a blend of the two.
IFRS 17 In A Box; Take the headache out of implementation
Are you looking for an “out of the box” solution for your IFRS 17 implementation project?
At PwC, we have used the collective experience of over 190 IFRS 17 projects to create a one-stop-shop solution centred around an industrial strength IFRS 17 valuation engine.
In a recent external assessment by Chartis Research, IFRS 17 In A Box was rated as the most complete offering among other Insurance Accounting softwares.
Watch the video for a quick introduction to PwC’s IFRS 17 In A Box offering.
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Watch our IFRS 17 webcasts
PwC IFRS 17 webcast: Latest IFRS 17 developments - “IFRS 17: Are you there yet?”
24th March 2020
The effective date of IFRS 17 is moving closer and insurers are getting ready for implementation. Join PwC’s interactive global IFRS 17 webcast on Tuesday 24 March 2020 to hear from Alex Bertolotti, Alwin Swales, Gail Tucker and the IASB’s Rika Suzuki to hear the latest developments and find out how insurers are getting ready to implement IFRS 17.
#IFRS17areyouthereyet?
#PwCdoesIFRS17
Financial Accounting Advice
For all organisations that need high quality accounting advice, PwC has the breadth and depth of knowledge and technical expertise to help. PwC provides financial accounting and accounting technical advice, support tools, guidance and training which will help to improve the quality of your financial reporting.
Potential issues
- You have a difficult technical accounting issue that you cannot solve in-house
- You have a small finance function and would appreciate support from financial reporting specialists
- You need to keep up to date on developments in financial reporting
How we can support you
- Help you resolve complex issues by providing reliable and expert advice, guidance, training and support tools
- Improve the quality of your financial reporting by developing the knowledge and expertise of your in-house finance function
- Save time by having a range of high-quality financial reporting tools and guidance at your fingertips.
Contact us to learn more about how we can help you ensure your financial reporting will be compliant with the local GAAP or IFRS standards – and manage your business in an efficient and measured way.
IFRS 9
IFRS 9 fundamentally changed the accounting for financial instruments. The three key areas are Classification & Measurement (amortised cost, fair value with changes recognised in OCI or fair value with changes recognised in P&L), Impairment (forward-looking expected credit loss model) and Hedge accounting (rules have been eased).
Our team has experience with credit and market model development and validation in various frameworks.
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