The new financial reporting standard IFRS 17 is the biggest change to insurance accounting requirements in more than two decades. It represents a single global accounting standard for the entire insurance sector, and goes far beyond a change in accounting policy only.
In helping clients to implement IFRS 17, we can see that the industry faces tough challenges in understanding the operational impacts on data, systems and processes. The new standard has been keeping the insurance industry busy for years – which is why EY has compiled this new publication. Contributed by insurance companies and supplemented with articles by EY insurance professionals, it comprises a handbook of best practices and analysis of the most critical questions relating to IFRS 17.
It provides a framework for understanding the IFRS on a technical level and presents a discussion of solutions on how to meet the high burdens of IFRS 17.
If you have further questions around this complex standard, please do get in touch.