IFRS 4.2 will be officially called IFRS 17
The International Accounting Standards Board issued two Exposure Drafts of IFRS4 Phase II, first in 2010 and the second one in 2013. The final version of the new Insurance Contracts IFRS 17 (as it is now called) expected in March 2017, with the intent to come in force in 2021 (IFRS.org).
The new IFRS 17 Insurance Contracts represents a fundamental change in financial reporting and many insurance companies already have this challenge on their agendas. IFRS published a factsheet.
2012 is the 'anticipated' Go Live
Getting ready means that all relevant and past data required to achieve retrospective compliance (which is one of the key challenges of IFRS 17) are in the appropriate format and granularity.
Moreover we need to provision a year of comparative reporting which means the actual readiness needs to be achieved well in advance of 2021.
Business as usual
Nowadays, when actuaries and finance are increasingly challenged with reporting and process management requirements, simply being compliant with a new IFRS is not enough – it should be an efficient compliance!
It’s a long way to “business as usual” state. Don’t know how to begin with? We are pleased to offer you a starting point.
IFRS 17 Preview
The IFRS 17 Level Up preview captures our very first thoughts on how IFRS reporting can be organised. The preview illustrates the new concept of Contractual Service Margin.