Legerity recently held an IFRS17 Masterclass webinar, examining the key decisions that you need to make to deliver an effective IFRS17 solution.

We reviewed the complexities of the three models, PAA, GMM and VFA, the typical challenges firms face when defining an IFRS17 end-to-end architecture, along with the implementation and transition methodologies that can mitigate the risks and reduce cost of delivery.

IFRS17 is a complex accounting standard to implement. Spanning actuarial, finance and technology departments, it requires a multi-discipline approach to deliver a successful project. Though IFRS17 doesn’t go live until 2023, timelines are tight to achieve a best practice implementation.

Even though the IASB published the final amendments to IFRS17 on June 25th 2020, a recent “Health Check Survey” by PwC across Insurance firms in APAC showed that 63% of firms asked were still in the design phase of their programs, if not earlier. The remaining 37% were either in construction, testing or parallel run phases – and none had made it to the transition phase yet. The survey also highlighted that 67% of firms believed that they would not have completed their IFRS17 programs in full by 2023 with items still outstanding.

The PwC figures suggest that insurers are finding IFRS17 challenging, and this is further backed up by our recent IFRS17 Masterclass webinar poll. We asked the audience of 200 insurance professionals for their overall view of the IFRS17 standard: whether they thought it over-simplified, clear and understandable, complex and challenging or had yet to decide.

"It was interesting that you highlighted the complexity in the detail of the IFRS 17 measurement models, we have the same experience."

Robbie Brown – Senior Manager, Actuarial, Quants and Data Science, EY

81% answered “Complex and Challenging”, showing that the majority of insurers continue to struggle with the IFRS17 standard.

With the IASB finally publishing the anticipated amendments to IFRS17, we are now in the latter stages of what has been a 20-year journey for this much needed but complex change to insurance accounting.

At Legerity we have kept up to date with all IFRS17 discussions at the IASB and the amendments that have been issued. We have ensured our out-of-the-box FastPost Foundation IFRS17 configuration is aligned to the standard and updated where necessary with the amendments.

This provides Insurance firms with the confidence of a fast track route to IFRS17 implementation. Our best practice configuration will deliver an end to end, data to disclosure IFRS17 SaaS solution delivered via the cloud, in a cost-effective and future-proofed way.

To discuss how Legerity can help your form to deliver IFRS17 and transform your finance function, contact info@legerityfinancials.com