IFRS 17 is an International Financial Reporting Standard issued by the International Accounting Standards Board (IASB) setting out the requirements for the recognition, measurement, presentation, and disclosure of insurance contracts. It improves the comparability of financial information about insurance contracts across different companies and jurisdictions.
IFRS 17 implementation
PwC helps organizations implement IFRS 17 by providing comprehensive and tailored solutions that take into account their current systems and processes. This may include providing advice on the most suitable approach to IFRS 17 and providing assistance with the required data analysis and modelling. Actuaries also provide guidance on the most efficient and cost-effective way to implement the new standard. Actuaries provide an overview of IFRS 17 principles and help organizations understand how to apply the standard to their organization.
IFRS 17 documentation preparation and review
The IASB's release of IFRS 17 has created a new set of requirements for businesses to disclose their insurance contracts in a consistent, clear, and comparable way. To meet these requirements, companies need to review and develop their IFRS 17 documents carefully. Our team provides expert advice and guidance on the requirements and best practices for meeting the standard, and help with implementing systems and processes for compliance. We can also offer ongoing support and monitoring to ensure that companies remain compliant with the new standard.
IFRS 17 In a Box software
Our IFRS 17 In a Box software program assists organizations with implementing the standard. It gives organizations a complete set of tools to examine their financial reporting procedures and practices, spot gaps, and create a strategy for putting the new standard into practice. The IFRS 17 In a Box solution includes a process mapping tool, a gap analysis feature, and a risk assessment feature. We also offer instructions on creating and recording new IFRS 17 processes.
IFRS 17 Training
IFRS 17 represents a major change to financial reporting for insurance companies, and it is important for companies to understand the implications of the new standard. Our team of experienced actuaries provide guidance and advice on best practices and implementation strategies, while our tailored training programs and materials help ensure companies are up-to-date with the latest regulations and requirements. We also provide access to our library of IFRS 17 resources, including webinars, white papers, and other educational materials, to ensure companies have the most up-to-date information available.
