About this paper
IFRS 17 (previously known as IFRS 4 phase II) − part of the International Financial Reporting Standards issued by the International Accounting Standards Board − will improve financial reporting by providing more transparent, comparable information about:
- The effect of issued insurance contracts on financial performance.
- How entities earn profits or incur losses through underwriting services and investment of premiums.
- The nature and extent of risks created when issuing insurance contracts.
Compliance will require insurers to calculate totally new measures when presenting their financial position. They also need to manage the increasing granularity and complexity around accounting for insurance contracts, as well as the preparation of the underlying models, the monthly run, the consolidation and the reporting.
Read more to learn more about our approach to IFRS 17.
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