The wait is nearly over? IFRS 17 is coming, are you prepared for it?

Nov 2016

The new IFRS for insurance contracts accounting (previously referred to as IFRS 4 Phase II, now expected to be IFRS 17) has been under development for many years. However, the IASB are now finalising the drafting of the final standard and we appear to be closer than ever to the final chapter in this particular saga.

A robust standard is clearly needed as current IFRS 4 allows a myriad of different accounting policies resulting in a lack of comparability, even within insurance groups. The standard is expected in early 2017 with an effective date of 2020 or more likely 2021. The long lead time is a reflection of the complexities anticipated around implementation

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Simon Copley
Asia-Pacific Insurance Leader
Tel: +[852] 2289 2988

Charles Garnsworthy
Actuarial Services Global Leader
Tel: +[852] 2289 1819

Lars Nielsen
Hong Kong Insurance Leader
Tel: +[852] 2289 2722

Billy Wong
Tel: +[852] 2289 1259

Chris Hancorn
Tel: +[852] 2289 1177

Dick Fong
Tel: +[852] 2289 1986

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