Some insurers are already at the advanced stage of their IFRS 17 implementation projects while others are still trying to identify how to leverage their existing processes to comply with the new standard. However, no matter at what stage the insurers are today there is still lots to do to hit the approaching IFRS 17 effective date deadline in 2023.
To assist insurers – both those who are at the advanced stage and those who need ad-hoc solutions – we have prepared an IFRS 17 ‘to-do checklist’ for 2021, which you can download at the bottom of the page.
If you would like to speak with a member of our IFRS 17 insurance team, please click the button below.
Financial planning in the insurance business is a complex undertaking. While many industries can get somewhat accurate predictions by analysing historic data and trends, risk probabilities and regulatory reporting in the insurance sector tend to make financial planning more challenging.
The new accounting standard for insurance business’, IFRS 17, comes into effect 1 January 2023. Most insurers who plan to adopt IFRS 17 are already a long way through their planning for its implementation as the new standard represents a significant departure from the accounting under IFRS 4.
We are delighted to announce that Mazars’ IFRS 17 team has been named ‘IFRS 17 Consultancy of the year’ at the InsuranceERM EMEA Awards.
For analysts and investors, insurance reporting can be obscure and considered somewhat selective in detail. For insurers, the current reporting frameworks do not fully tell the story of value creation; insurers feel they’re valued at a discount. Under current accounting standards, few stakeholders are getting what they need.
Historical and new challenges caused by the implementation of IFRS 17
As the IFRS 17 implementation deadline of 2023 draws closer, there are several questions that Board members can ask to navigate the transition to implementing IFRS 17 successfully in their firms. We have identified three pillars that encompass essential considerations for NED’s to take.
IFRS 17 is the first international standard for insurance which will improve accounting. It is also a very technical standard that requires a very specific knowledge and understanding.
Our 2021 ‘to-do’ list for insurers at the advanced stage of IFRS 17 implementation
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