Over ten years after the publication of the first discussion paper on insurance contracts, the new International Financial Reporting Standard - IFRS 17 Insurance Contracts (“IFRS 17”) - was initially published on 18 May 2017 with an effective date set for accounting periods beginning on or after 1 January 2023.

IFRS 17 Insurance Contracts

IFRS 17 represents the most significant change to insurance accounting in decades. Under the new standard, the measurement and accounting principles for insurance liabilities are fundamentally different and will impact future performance indicators. Insurance companies have just over two years in which to understand the requirements of the standard, including the amendments issued by the International Accounting Standards Board (“IASB”) in the new exposure draft published on 25 June 2020, and anticipate the impact that will affect every aspect of an organisation.

Applying IFRS 17

Mazars works with some of the largest insurance companies in the world. We have 700 specialists in more than 40 countries around the world. This means we are able to provide necessary resources for providing IFRS 17 support in the key locations using local resource with local knowledge and understanding.

Expertise in IFRS 17 and the insurance industry covering accounting, actuarial, financial reporting, IT and business process improvement mean that our teams are able to address your insurance reporting needs and provide insight into emerging market practice around IFRS 17.

IFRS 17 implementation: Our approach

Our insurance experts understand both the organisational and the technical issues around IFRS 17 and will bring agility, pragmatism and anticipation to create value in your transformation project.

Get in touch

If you would like to discuss the above in more depth, please do not hesitate to get in touch using the form below.

Your personal data is collected by Mazars in the United Kingdom, the data controller, in accordance with applicable laws and regulations. Fields marked with an asterisk are required. If any required field is left blank, it will not be possible to process your request. Your personal data is collected for the purpose of processing your request.

You have a right to access, correct and erase your data, and a right to object to or limit the processing of your data. You also have a right to data portability and the right to provide guidance on what happens to your data after your death. Finally, you have the right to lodge a complaint with a supervisory authority and a right not to be the subject of a decision based exclusively on automated processing, including profiling, that produces legal effects concerning you or significantly affects you in a similar way.

Want to know more?