IFRS 17 Essentials

• Transition: MRA or FVA for recent new business?

  Kurt Lambrechts discusses how insurers can use the modified retrospective approach (MRA) or a fair value approach (FVA) to help simplify their IFRS 17 implementation

  

• Exploring the impacts of IFRS Sustainability Disclosure Standards on Insurers

  Insurers are facing new requirements for sustainability-related disclosure that will prompt a review of their reporting processes and systems, as Barbara Jaworek explains

  

• IFRS 17: Preparing for a more streamlined tomorrow, today

  Matthieu Soulas and John Bowers reveal the main sticking points with IFRS 17 implementation and discuss strategies for a smooth completion

  

• A challenging year for insurers

  11 January 2021

  IFRS 17 has been a significant hurdle facing the Insurance industry for almost four years now. However, 2020 saw the added challenges of a global pandemic, a faltering global economy and political uncertainty which added additional complications to an already challenged industry.

  

• IFRS 17 - The RNA Way

  11 January 2021

  IFRS 17 is not just about day-to-day reporting; it also requires insurers to be proactive and have forward-looking systems in place that are fit for large volumes of calculations. This can represent a challenge for certain IT infrastructures, which are at risk of buckling under the computational pressure.

  

• Unpacking LRC and LIC Calculations for P&C Insurers

  11 January 2021

  The new IFRS 17 insurance contracts accounting standard has created the need for a revised set of measurement, accounting, and reporting functionalities for insurers.

  

• Technology Perspectives from the IFRS 17 Journey

  08 January 2020

  As the implementation deadline for IFRS 17 in 2022 draws ever nearer, the insurance industry is in the midst of preparing for the standard. However companies are at various stages of preparedness from having already started implementation to just preparing the gap analysis or selecting technology vendors.

  

• The march to IFRS 17 compliance

  08 January 2020

  While it feels like IFRS 17 has been a part of the insurance conversation for quite some time, it was just over 18 months ago that FWD Group ("FWD") became one of the world's first insurers to select a technology solution to address the new standard. Since then, the insurance industry, vendor community, and the standard itself have evolved quite a bit.

  

• Sensitivity and Dynamics of IFRS 17 Illiquidity Premia

  08 January 2020

  Under IFRS 17, insurers are required to discount the value of their liabilities using a discount curve that reflects the cash flows and liquidity of those liabilities. The standard does not prescribe the method by which this discount curve is calculated, but does offer general principles for constructing a curve by either a "bottom-up" or "top-down" method.

  

• Make IFRS 17 work for your business

  Over recent months, there has been growing pressure on the International Accounting Standards Board (IASB) to push back the introduction of the IFRS 17 accounting standard for insurance contracts. Now, with the board voting to delay the implementation date until 1 January 2022, how can you use the deferment to your advantage – and gain additional business value from compliance? With practical advice and firsthand insights, follow FIS' guide to getting more from IFRS 17 by transforming your operations.