With the target Go Live date set for 2021, IFRS 17 is all set to be the next global accounting standard for insurance contracts. This transparent, forward looking and yet common standard that can facilitate comparison between products, companies and across jurisdictions follows closely on the heels of Solvency II.

As insurers, advisors and supervisors await the final publication from IASB (expected in Q1 2017), the business solutions team at SecondFloor worked on a preview that showcases what is expected to be calculated, reconciled and disclosed under the new accounting standard.

The preview is meant to be a starting point for people trying to get a first grasp the new accounting standard and will also act as a catalyst to mine out underlying challenges while stakeholders embark on impact analysis for their specific business context.