IFRS 17 (EN)
Challenge
The new IFRS standard 17 replaces IFRS4 Insurance Contracts as of January 1, 2022. IFRS 17 contains principles for the recognition, measurement, presentation and disclosure of insurance contracts. The standard is applicable to insurance contracts, reinsurance contracts and investment contracts with discretionary participation features. For each group of contracts (accounting unit), an amount must be determined, which is composed of the fullfilment cash flow and the contractual service margin. The most significant change is certainly the complexity level. Especially against the background of a simultaneous implementation of IFRS9 and corresponding side effects regarding the impact on the asset-liability structure as well as possible P&L effects.
Procedure
- Creation and coordination of a time schedule
- Definition of business requirements and gap analysis
- Expansion of the data budget and adaptation of valuation methods
- Professional support of necessary technical implementations
- Coordination and support of the test management
Result
- Limiting complexity to a necessary level
- Creation of synergy effects to intersections of Solvency II and IFRS 9
- Integrated data management
- Improving data quality and data collection
Skills aietes
- Sub-project management
- Contract analyses and (technical) concepts
- Support in the selection of software providers
- Linking business and IT departments
- Accounting logic IFRS 17 and first-time adoption
- Test Management
Your contact
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Reference projects
- Several years of experience in implementing new IFRS standards in the financial sector
- Test Management
- Long-standing partner of well-known insurance companies
- Specialist expertise on IFRS9 issues
