The International Accounting Standards Board (IASB) has recently
published its proposed amendments to IFRS 17 Insurance Contracts.
The amendments seek to make it easier for insurers worldwide to
implement IFRS 17, a standard aiming to improve comparability in
the sector, increase transparency on business profitability, and
generate more insights on individual firms' financial
health.
A call to action for insurers
With these changes, the final state of IFRS 17 is coming into
view. That means that any insurers experiencing project fatigue
must now assess their progress and reinvigorate their
implementation processes. For any who have not yet made meaningful
progress, it's a starting gun for a marathon. While the new
amendments are helpful, implementing IFRS 17 is still a complex and
significant undertaking.
