What are the IFRS 17 challenges that you will have to face?
The IFRS 17 accounting & reporting standard was launched in May 2017 after almost 20 years of development.
It provides new accounting principles for the insurance industry and aims at ironing out inconsistencies of the past between main market players. Most importantly, IFRS 17 will drastically change the way insurers determine liabilities and provisionsfor insurance contracts and calculate their resulting income statement.
The new standard will enable investors to meaningfully compare market players, and has already triggered huge organization, process, data and IT projects within the industry.
This article will give you a clear understanding of IFRS 17 principles and a comprehensive view of the main project challenges that insurance companies are faced up with.