Briefing: Moving to IFRS 17 has been saved
Briefing: Moving to IFRS 17
Levers to manage financial impacts
On June 1st 2021 we held a briefing to explore the impact of IFRS 17, namely in the way (re)insurers are required to calculate and present their financial results. The decisions contributing to the financial impacts at the date of transition will affect IFRS performance for many years to come, and hence the choices made now are critical. There is a danger that this can be overlooked when so much of the focus is on future systems and processes.
For those of you who missed the session, our panel of speakers discussed some of the levers available to (re)insurers to steer the switch to IFRS 17 and the importance of a clearly articulated transition strategy which allows executives and boards to make informed decisions. They shared their views on trends in the market and what the market is currently thinking in terms of communicating the change in results based on the new accounting standard.
IFRS 17 Compliance Tool
To support IFRS 17 programme implementation, our team has developed a Compliance Tool which provides a quick and cost-effective assessment of your IFRS 17 methodology. A targeted questionnaire is supplemented by a tailored workshop with Deloitte experts who review the tool outputs and provide actionable steps to accelerate implementation.
For further information on how we can help with IFRS 17 implementation as well as with data modelling, management, and processing, download our Actuarial Modelling Centre overview.