The International Accounting Standards Board voted this morning, November 14th 2018, to delay the implementation of IFRS 17 for one year to 1 January 2022.
The vote for delay follows a recent open letter from a group of global insurance associations to the IASB. The IASB are emphasising the delay is not to give insurers more time, but to allow for necessary amendments to the standard. The Board will review potential changes to the standard in December.
Some Insurers may welcome the decision; however, deferral is not a reason to delay. Legerity’s view is that firms should not lose momentum on their IFRS 17 projects as timescales will continue to be challenging even with an additional 12 months.
For forward-thinking Insurers, who are already advancing through their proof of concept stage, this is an ideal opportunity to move beyond compliance. These firms should consider additional objectives including insight, analysis, accelerated month end, simplification and process modernisation.
Get in touch today to learn how Legerity’s Cloud based Proof of Concept for IFRS 17 is the next step for Insurance providers seeking technology solutions to the new global accounting standard.
+44 (0) 203 871 2944
info@legerityfinancials.com
January 25, 2019
IASB announces changes to IFRS 17
In their latest board meeting on Wednesday 23rd January, The IASB announced some changes to the IFRS 17 standard. Our thoughts on this recent update.
July 31, 2018
Shifting through the gears to IFRS 17
On Tuesday 26th June, Legerity hosted a webinar on implementing IFRS 17 via the Cloud – leveraging SaaS models as part of compliance infrastructure. We asked the audience of Insurance executives for their views on the cloud – with interesting results.
June 14, 2018
IFRS 17 Webinar: Implementing IFRS 17 via the Cloud – 26th June 2018
Learn how an Software as a Service (SaaS) approach can help address many of the implementation challenges of IFRS 17 and deliver a low cost, high performance solution.