IFRS 17 – Insurance contracts: get ready

TagsAsset managementBanking & capital marketsInsurance

Ten years after the publication of the first discussion paper on insurance contracts, the new International Financial Reporting Standard (IFRS) 17 was published on 18 May 2017. It is now effective for annual reporting periods beginning on or after 1 January 2023.

IFRS 17 represents the most significant change to insurance accounting in decades.

Under the new standard, the measurement and accounting principles for insurance liabilities are fundamentally changed and will impact future performance indicators. Insurance companies now have less than three years in which to introduce the standard and anticipate the impacts which will affect every aspect of the organisation.

Essential INED considerations re IFRS17

James and Vitalina discuss key questions that Board members can ask to navigate the transition to implementing IFRS 17 successfully in their firms.

Read more here

Financial services news

15 November 2024

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Financial services newsletter - Issue 2

Welcome to the second edition of our newsletter, where we cover some of the major developments across the financial services sector throughout the last quarter.

Payments and Electronic Money Institutions

For several years, the Central Bank of Ireland has identified the Payments Institutions (PI) and Electronic Money Institutions (EMI) sector as higher risk. Earlier this year, we shared an opinion on the CBI’s stance. Today, we focus on one key area in this sector: Safeguarding.