IFRS 17 for Internal Audit

A multi-year project with ongoing assurance needs

What is IFRS 17 and why is it important?

In recent years, new accounting standards have had a major impact across financial services, with IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers now in place for the majority of organisations and IFRS 16 Leases effective in 2019. For insurers, however, the greatest implementation challenge is still in progress. IFRS 17 Insurance Contracts, effective 1 January 2022, has been described as the most significant change to insurance accounting for a generation, and implementation projects are similar in scale and complexity to the implementation of Solvency II in 2016.

IFRS 17 marks a fundamental change to the way insurers report to the markets. This reporting change will impact functions across insurers and introduce the need for new data, new systems and new ways of working. Keeping this in mind, we will be releasing a series of posts focusing on themes and hot topics relevant to Internal Audit functions in organisations in the process of adopting IFRS 17 Insurance Contracts.

To whom will this report be of interest?

The report will be useful for UK internal auditors who wish to find out more about the IFRS17 and where audit can provide value and insight to the business.

If you would like to discuss the report and its findings in detail please do get in touch with your Deloitte partner.

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