IFRS 17: Transition survey August 2021
Introduction
All insurance companies reporting under the International Financial Reporting Standards (IFRS) will be impacted by the new IFRS 17 standard which comes into force in January 2023. IFRS 17 represents a fundamental change in the valuation of insurance obligations and will have major implications for existing financial reporting and operations.
In order to gain further insight into the current status in implementing IFRS 17, PwC reached out to insurers with a survey on their transition efforts. The focus was on technical accounting, financial impact, overall programme management and the effect on data and systems. Eighteen insurance companies participated in this survey from the end of April to the beginning of June 2021, including some of the largest insurers in the world.
About the key results
The survey results may help insurers and other stakeholders gain insight into the current status of the industry as it transitions to IFRS 17 as well as the market view on the specific requirements of IFRS 17, and support more meaningful dialogue on the implementation of IFRS 17.
The information and analysis included in this survey are based on responses provided by participants in the survey as well as PwC's commentary based on those responses.
This document should not be used as a substitute for consultation with professional advisers. Information received from respondents has not been verified by PwC.
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