Gearing up for a paradigm shift

Are you prepared for IFRS 17?

The new International Financial Reporting Standard for insurance contract, IFRS 17, was recently announced by the IASB (International Accounting Standards Board) on 18 May 2017.

While the new standard will come into effect on 1 January 2021, the long lead time is a reflection of the complexities anticipated around its implementation. A structured approach will serve vital in helping you plan and overcome the challenges, and optimise the opportunities it provides.

Are you prepared? (Video)

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

For more details regarding the new standard visit the IASB website here.

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Woo Shea Leen
Insurance Leader, PwC Singapore
Tel: +65 6236 3908

Chen Voon Hoe
Partner, Accounting Advisory Leader, PwC Singapore
Tel: +65 9817 0978

Ang Sock Sun
Partner, Insurance Accounting and Regulatory Advisory Leader, PwC Singapore
Tel: +65 8511 7108

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