The IFRS 17 accounting standard represents a notable change for insurers in more than 100 countries. Originally, the standard was to have taken effect in the 2021 reporting year. However, the International Accounting Standards Board (the Board) has decided to delay the effective date until the 2023 reporting year.
Until then, for insurers, the first crucial step to implementation is understanding the significant change IFRS 17 creates for reporting, data, and accounting systems across the organization before selecting the right tools to deal with these changes.
The next step for insurers in their implementation journey is to use this extra time to focus on specific goals, recognize the challenges,and develop a plan to ensure successful implementation.
In this webinar series, IFRS 17 subject matter experts breakdown some common implementation challenges, explore the associated risks of having one more year for implementation, explain how to sustain project momentum, and highlight best practices all insurers should adopt before the effective date.
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