Mitigate the risks of IFRS 17 with assurance
IFRS 17, the new International Financial Reporting Standard issued by the International Accounting Standards Board (IASB) in 2017, is the most impactful change to Financial Reporting for the insurance industry for several decades involving fundamental change to the measurement, presentation and disclosure of insurance contracts for entities reporting under IFRS. There is no one size fits all solution for its implementation and each entity must interpret for themselves how the standard applies to their circumstances, and then create a system of reporting that will serve their business into the future. The transformation will carry varying degrees of risk, depending on the current processes and structures within respective entities.
IFRS 17 involves a transformation programme that may bring many opportunities for improvements in systems, processes and people across the business.