IFRS 17 Insurance Contracts
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 published on 18 May 2017 with an effective date set for accounting periods beginning on or after 1 January 2022.
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 being brought in by the International Accounting Standards Board (“IASB”), 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.