IFRS 17 for Insurers
IFRS 17 is the newest IFRS (International Financial Reporting Standard) standard for insurance contracts and replaces IFRS 4 on accounting for insurance contracts on January 1st, 2023.
All insurance companies reporting under IFRS will be impacted by the new reporting standard when it becomes effective in January 2023.
IFRS 17 will result in significant changes to the way that financial information is presented, and adoption will require significant planning.
IFRS 17 presents opportunities to harness data more effectively, improve the structure of your finance function and help you in your decision making.
IBSuite and Data Foundation Support for Insurance Contracts under IFRS 17
IBSuite supports delivering the data foundation for insurance contracts to comply with IFRS 17.
In short this means that IBSuite supports:
- The possibility to register insurance contracts on a detailed level to support IFRS 17 regulation requirements
- premium parts can be configured and calculated on individual insurance contracts to the necessary level of detail
- Reporting on insurance contracts at a detailed level to verify the data foundation
- The ability to configure and deliver data to GL systems through IBAs generic GL Export Module
With the effective date on January 2023, we know that as an insurer you have to start refocusing your efforts on getting IFRS 17 ready within your organization. And it’s better to start sooner than later.
Should you have any questions in connection with IBSuite and IFRS 17 please don’t hesitate to get in touch and rest assured that both IBSuite and IBA are ready to support you in your efforts.
Published on January 19th, 2021