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Navigating compliance: Are you ready?

Making business compliance work for IFRS 17 and IFRS 9

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With the effective date for IFRS 17 insurance contracts now set for January 1, 2021, insurers are beginning to scrutinize the accounting and valuation implications of the new financial reporting standards. For the first time, it is envisaged that asset and liability management for insurers will be more explicitly aligned.

On the liability side, IFRS 17 sets out the principles that apply to the recognition, valuation and reporting of all (re)insurance contracts. It introduces a consistent international standard for insurance contract accounting, a single definition of an insurance contract and a uniform valuation model for all contracts.

On the asset side, IFRS 9 includes a logical model for classification and measurement, a single, forward-looking “expected loss” impairment model and a reformed approach to hedge accounting.

This paper outlines the key challenges insurers will face during the transition to IFRS 17 and IFRS 9, our vision of how the anticipated changes are likely to impact data and technology, as well as Accenture’s approach to a joint IFRS 17 and IFRS 9 implementation journey.

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