1. 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