After almost 20 years of debates, outreach and Exposure Drafts, the IASB has finally come to agree on a Standard for Insurance Contracts. The new Standard – IFRS 17 (previously referred to as “IFRS 4, Phase II”) – will become effective as early as 1.1.2021 and will fundamentally change the way insurance companies present their obligations and their financial performance stemming from insurance contracts. Consequently, IFRS 17 will trigger major implementation projects at all companies affected – and no company can afford to waste time!
Actuaries will play a key role in implementing the new guidance: First, the standard will require many fundamental decisions, which will determine the amount and profile of IFRS results for years to come. Actuaries will be key to prepare and explain these decisions. Later, complex measurement models will need to be developed, and the output of the models will need to be explained and integrated in the financial reporting processes. Communication with accounting functions will become more intense and more complex – as will be the modelled output.
Organised by the EAA - European Actuarial Academy GmbH in cooperation with the Hellenic Actuarial Society.