Situation
All insurance companies reporting under IFRS (International Financial Reporting Standard) were to be impacted by a new reporting standard coming into effect in January 2023. The new IFRS 17 would result in significant changes to the way that financial information is presented, and adoption would require significant planning.
To prepare, our client knew they needed to have a comprehensive understanding of the standard’s impact on their financial statements and assistance in its implementation.
Solution
Drawing on our technical accounting knowledge and experience and practical understanding of the insurance industry, PwC conducted a gap analysis around the client’s existing architecture, data, systems and processes. We also performed a financial impact assessment on the implementation of the standard. We then created a high level implementation plan to support the adoption process, while actively assisting the client throughout the process.
Recognising the significant changes introduced by the adoption of the standard, PwC facilitated over 12 virtual webcasts tailored specifically to the client on the standard’s requirements, entries and disclosures.
Impact
The client achieved successful alignment of their data, systems and processes in time for the IFRS 17 go live date. The collaboration ensured seamless compliance and smooth adoption of the standard.
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