IFRS 17
IFRS 17 is the newest IFRS standard for insurance contracts and replaces IFRS 4 on January 1st 2022. It states which insurance contracts items should by on the balance and the profit and loss account of an insurance company, how to measure these items and how to present and disclose this information.
Mainly to make the financial statement easier to compare across insurance companies and among industries. Though it is a big change for insurance companies as data administration, financial presentation and actuarial calculations will need to change! This website will help you to understand the different topics.
BLOG | As #IFRS17 came into force on 1 Jan 2023, @kpmguk Insurance Partners Nathan Patten, Susan Dreksler & @huwevans71, look at what the reforms mean, assess insurer readiness across the market & reflect on next steps.
Read their blog here - https://t.co/ABhPYK20Fn
Short Introduction
IFRS 17 in 3 Minutes
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IFRS 17 will have impact on
Reporting
Big changes in the P&L and the balance, with new components, like the risk adjustment and the CSM
Organisation
Interaction is needed between IT, actuarial and financial departments to be able to report timely.
IT
Data needs to be administrated on lower level with more history while systems need to run fast(er).
Timelines
