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.
A report highlights how changes relating to the new #insurance accounting standard #ifrs17 could affect Canada's insurers--potentially increasing operational risk and making #tax compliance more complex.
https://t.co/P4FawZQiJ1
With the #ifrs17 deadline on the horizon, many product #actuaries are having to consider 𝗜𝗙𝗥𝗦 𝟭𝟳 both in terms of product design & pricing.
Here are the main points product development actuaries should consider for an #ifrs17 world. #lifeinsurance
https://t.co/MG7oTWSLZO
Meet the Experts: Legerity will be LIVE on LinkedIn with a special focus on #IFRS17 Project Delivery - Tomorrow, 25th January 2021 - 10am UK / 11am Europe - https://t.co/m4Mb2UsnLp
Submit your IFRS17 delivery questions to info@legerityfinancials.com.
#Insurance #AccountingTech
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
