White paper: International Financial Reporting Standard (IFRS 17)
In May 2017, the International Accounting Standards Board (IASB) issued the new International Financial Reporting Standard (IFRS 17). This sees all financial service providers (FSPs) worldwide having to comply once it comes into effect. Last year, the IASB announced a delay on the effective date for IFRS 17 to 1 January 2022. This leaves insurers with less than three years to implement arguably the biggest change in financial reporting to date.
These changes include all governance, accompanying processes, and technology systems to enable them to provide financial reporting based on these new standards. Given the complexity and far-reaching business implications, there will be pressure on all insurers to commence with these projects as soon as possible.
There are two ways insurers could look at this. They could view it as the implementation of new regulation, which will cost a significant amount of money and have significant consequences for their businesses. Or it could be considered an opportunity to revolutionise outdated processes and reporting structures, as well as modernise how data is used. This white paper will explore these options.