IFRS 17 replaces IFRS 4 Insurance Contracts. When introduced in 2004, IFRS 4—an interim Standard—was meant to limit changes to existing insurance accounting practices. Hence, IFRS 4 has allowed insurers to use different accounting policies to measure similar insurance contracts they write in different countries.
IFRS 17 provides consistent principles for all aspects of accounting for insurance contracts. It removes existing inconsistencies and enables investors, analysts and others to meaningfully compare companies, contracts and industries. The new Standard could have significant financial and operational impacts on legacy market participants. For example, there are potential changes to the way that profit from past and future transactions can be recognised on transition and in the future and it is critical that these changes are fully understood by legacy market participants in order to plan for the financial and operational impacts on your business.
This briefing will:
• Provide an overview of the changes
• Explain the methods that legacy operators may need to adopt
• Encourage planning and assessment ahead of the deadline for implementation
There are often wait lists for these events, if you find you are unable to attend, please contact us as soon as possible