IFRS 17: what to do now?
Financial Services - connected?
Find out more about the new implications for insurers on the Luxembourg and global markets...
In May 2017, the International Accounting Standard Board (IASB or Board) issued IFRS 17, a new accounting standard for Insurance Contracts (the Standard), replacing IFRS 4, which will be effective for annual reporting periods starting on or after 1 January 2021. The Standard will represent the most significant change to European insurance accounting requirements in 20 years, requiring insurers to entirely overhaul their financial statements within three years at the time of writing. Investors and other stakeholders will need to understand the likely impact now.