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A functional approach to weather future storms

How to build a strong foundation in the regulatory insurance landscape

The insurance industry agrees that data requirements are a key challenge in the implementation of IFRS 17. Although the main purpose of IFRS 17 is to harmonize the insurance industry by setting principle-based standards, the new accounting standards also enforce a new level of data management. At Zanders we believe that this is the right opportunity to build a strong data foundation. Not only for the implementation of IFRS 17, but to prepare for any future regulatory or market changes.

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IFRS 17: the impact of the building blocks approach

On 18 May 2017, the International Accounting Standard Board (IASB) issued the new IFRS 17 standards. The development of these standards has been a long and thorough process with the aim of providing a single global comprehensive accounting standard for insurance contracts. The new standards will have a significant impact on the measurement and presentation of insurance contracts in the financial statements and require significant operational changes. This article takes a closer look at the new standards, and illustrates the impact with a case study.

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The dewdrop known as IFRS 17

Seven students in Asia were taking their morning walk with their teacher. Dewdrops sparkled in the weak sunshine. The teacher stopped near a large water droplet. He asked his students to stand around it so the sun kept on shining on it and then he asked them what color the dewdrop was.

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IFRS 17 Insurance Contracts development reaches final stage

The drafting of the new IFRS accounting standard for insurance contracts (previously called IFRS 4 Phase II) is moving towards completion.

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Insurance contract reporting under IFRS 17

The development of a new International Financial Reporting Standard for insurance contract accounting (IFRS 17 Insurance Contracts) is approaching completion. The development has been under way for more than 15 years and the long lead time may well be an indication for the significant effort that is expected to implement the standard. The standard, set by the International Accounting Standards Board (IASB), will be applicable to insurance contracts written by entities in the jurisdictions1 that adopt it . The IASB emphasizes the need for a new standard because it is of the opinion that, under current practices, the financial statements are not a true reflection of the nature and extent of the risks embedded in insurance contracts. In addition, the board claims that the proposed standard improves the comparability of financial statements with those of other types of contracts and companies. This article presents the main context and content of the new standard and provides an assessment of the expected impact.

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