IFRS 17: Insurance contracts

IFRS 17

IFRS 17 Insurance Contracts replaces IFRS 4, which currently permits a wide variety of practices.  It will fundamentally change the accounting of all entities that issue insurance and investment contracts with discretionary participation features.  IFRS 17 will impact businesses well beyond the finance, actuarial and systems development areas (for example, product design and distribution, development of revised incentive and wider remuneration policies and reconfigured budgeting and forecasting methodologies feeding into business planning).  There could also be an impact on cash tax positions and dividends, both during transition and going forward. IFRS 17 might require more than three years to implement. Gap analysis and impact assessments to develop an implementation roadmap will enable entities to begin the detailed implementation project. A fundamental shift might be required in the way in which data is collected, stored and analysed, changing the emphasis from a prospective to a retrospective basis of analysis and introducing a more granular level of measurement and additional disclosures.

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Insurance: insights to IFRS 17 - Using Solvency II to implement IFRS 17

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