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IFRS 17 – EU ignoring annual cohorts?

Potential inconsistency between group and local reporting for international insurers

IFRS 17 has been a long time in the making. One of its most controversial aspects discussed this year is the annual cohorts requirement. On the one hand, the IASB hopes to shed light onto possible onerous insurance contract generations. On the other hand, most of the insurance industry argues that the requirement is against the basic principle of sharing the risk among contracts and essentially their business model. Meanwhile, the European Financial Reporting Advisory Group (EFRAG) is divided in forming an opinion on this matter.

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IFRS 17 Conference Takeaways

insurance contracts

The introduction of IFRS 17 is one of the largest regulatory shocks to the insurance industry in the past decade. At heart, the accounting standard attempts to combine traditional reporting with forward-looking actuarial calculations.

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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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