IFRS 17 - the next big thing

IFRS 17 compliance is going to be the next big important event for every insurer. This is the new compliance standard approved by IASB and will become mandatory for compliance in Singapore and HongKong by 2020 and in Korea by 2021 and with other countries soon to follow.  Of course one can become compliant earlier also if needed.

IFRS 17 introduces a single consistent accounting model for all insurance contracts to increase transparency and provide confidence in the numbers so that all the insurance companies can be evaluated on their performance on the same parameters. This  compliance calls for study of all financial transactions relating to the insurance policy. This needs understanding of the financial/accounting data, transformation and consolidation of the same as per IFRS 17 standards/template, auditing and approval, typically a project that will run into 18 months+ time horizon depending upon the size of business