IFRS 17 framework How it will impact your business IFRS 17 is the new international accounting standard for insurance contracts which replaces the existing IFRS 4. The new standard is being introduced to develop a single global accounting framework for insurance contracts which looks to eliminate inconsistencies and provide comparability. IFRS 17 will fundamentally change the measurement and reporting of insurers’ insurance contracts and will involve significant change to organisations’ business models. 3 Financial Operational Reporting Tax Impact assesment 2 4 Tax Technical analysis and ongoing evaluation Organisational design 11 Education and training Soft design Implementation 1 5 Impact assessment Process and controls Test and Operate dry run and review Blueprint Design Build 12 Assurance 10 Programme management delivery Ongoing: business strategy and transactions, education and training, programme management and assurance Business strategy and transactions Data Reporting KPIs 9 6 Financial reporting Investor relations FP&A Capital and tax Reporting KPIs Systems and infrastructure 8 7