Take the IFRS 17 Implementation Survey. While the drawing for Amazon gift cards is closed, your insight into the implementation of this Standard is still greatly desired!
IFRS17 SURVEY
Congratulations to our IFRS 17 Implementation Survey gift card winners!
• Stephen Bishop, USD 25 Amazon gift card
• John Fitzgerald, USD 25 Amazon gift card
• Marc Galofre, USD 50 Amazon gift card
• Mohamed Maarouf, USD 50 Amazon gift card
IFRS 17 is the newest International Financial Reporting Standard (IFRS) standard for insurance contracts and replaces IFRS 4 on January 1st, 2023. It defines an insurance contract and sets out requirements on how to measure these contracts, how to present them in financial statements, and what significant information must be disclosed to users of the financial reports.
The new standard for insurance contracts is intended to provide information to stakeholders that is useful in making decisions about providing resources to the reporting entity while increasing transparency and comparability across entities.
Insurers must prepare well in advance for the hurdles expected to be experienced in implementing IFRS 17. These hurdles include IT processes, model development, actuarial and accounting choices, internal and external education, and certainly budget. If not addressed early and with care, these hurdles may create undue balance sheet volatility, lower profits, stakeholder confusion and/or concern, and inefficient processes.
Many of the hurdles mentioned above require:
• supportable actuarial judgment;
• new internal capabilities, processes and models;
• data maintained and analyzed at levels different from the past; and
• new analysis and reports that align with IFRS 17 requirements.
Actuaries at Foresight are trained in all aspects of IFRS 17, including professional certification by the Society of Actuaries in the International Financial Reporting for Insurers (IFRI) Program providing comprehensive, hands-on training in the actuarial elements of the requirements, strategic decisions, and communications of IFRS 17. We understand the methods and key choices allowed for in the Standard and the potential implications of those choices, and we can help your organization navigate them towards your successful future.
Contact Foresight today for in-depth and informed consultation on IFRS 17 implementation. Whether you need insights or operational assistance, we can help.
