Insurance Financial Reporting Standards (IFRS) 17 represents a
new and unprecedented international reporting and disclosure regime
for the insurance industry 1. IFRS 17 takes effect in
January 2021 2. There have been many publications and a
wealth of information on the reporting and disclosure standards in
IFRS 17 offering guidance to the insurance industry, many of which
have naturally addressed accountancy and financial governance
concerns 3. However, consideration should be also given
to the regulatory and compliance implications both for regulators
and regulated entities. This update considers several regulatory
factors with the implementation of IFRS 17 and what insurers should
be planning prior to 2021 within the United Arab Emirates legal
framework 4.
