43 posts categorised "IFRS 17"
08 July 2020 Does finance transformation deliver benefits that IFRS 17 programmes are struggling to? In March 2020, we carried out a comprehensive survey of our IFRS 17 projects across the globe. Many UK clients questioned whether combining their IFRS 17 project and finance transformation could deliver the business benefits that MVP IFRS 17 projects lack.
06 July 2020 Is IFRS 17 stable at last? On 25 June 2020, the International Accounting Standards Board (IASB) issued amendments to IFRS 17 ‘insurance contracts’. The standard comes into effect for annual periods from 1 January 2023, with earlier application permitted.
29 June 2020 IFRS 17: The destination is in sight What a difference three years makes. In early 2017, it was unknown whether IFRS 17 would even materialise. Here we are today with the Standard finalised.
16 June 2020 This is no time to stand still for IFRS 17 tech vendors ‘To stand still is to fall behind’ is a phrase we’ve tirelessly used in our IFRS 17 webcasts and presentations. Nowhere does it apply more than our vendor analysis.
22 May 2020 IFRS 17: Agile implementation and Moody’s Analytics RiskIntegrity™ for IFRS 17 solution go hand in hand In our new blog, Marco Fillion and Richard Hart discusses whether following an agile methodology will result in a better outcome when deploying any IFRS 17-related project.
16 April 2020 IFRS 9 for insurers: Five considerations that remain important despite the deferral to 2023 The IASB recently decided to extend the temporary exemption from IFRS 9 until 2021, but what does this now mean for your IFRS 9 programme?
31 March 2020 IFRS 17: Are you there yet? In our Global ‘IFRS 17: Are you there yet?’ Webcast this week, I was joined by Gail Tucker, Alwin Swales and Rika Suzuki from the IASB to discuss how insurers are getting ready to implement IFRS 17. It was a fascinating, interactive conversation that I recommend you listen back to.
31 March 2020 Key COVID-19 considerations for your IFRS 17 programme March is proving an eventful month for business and society. On the one hand, the IASB Board has delayed the effective date of IFRS 17 by one year, providing more time to implement the standard. On the other hand, this is amidst the global challenge of COVID-19 which has been declared a pandemic by the World Health Organization.
18 March 2020 IFRS 17: What you missed from Oracle OpenWorld Last month’s EMEA Oracle OpenWorld was a great opportunity to explore how technology can solve the key challenges facing business today. As part of our role as sponsor, we co-hosted a client roundtable with Oracle on IFRS 17. We wanted to showcase how, when technology is approached with the right mindset, the solutions can go beyond simply meeting regulatory compliance to delivering finance transformation.
11 February 2020 IFRS 17 Global Roundup: February 2020 Emerging threats. The need to upskill. Growth challenges. These are all reasons why your IFRS 17 programme should deliver more than a new set of financial accounts. Alex Bertolotti discusses this in more detail.
03 February 2020 IFRS 17: Why upskilling the whole workforce is critical to success A knowledge of the implications of IFRS 17 on the business will be critical to the success and viability of new products. Similarly, it will be important the brokers, underwriters, claims handling team and those within the risk and compliance functions have an understanding. The list goes on.
21 January 2020 IFRS 17: Have you considered the impact on customers? Most of us have some form of insurance. Life, cars, gadgets, body parts, you name it, it can be covered. But, do you understand how insurance works? And do you know that it’s changing?
18 December 2019 IFRS 17: Year in review Alex Bertolotti shares his personal IFRS 17 highlights from 2019 and looks ahead to the new year. This year so much has been accomplished by our clients, technology vendors and PwC alike.
10 December 2019 Vendor 3.1: Our latest IFRS 17 vendor analysis By Richard Hart. We’re delighted to announce that PwC have refreshed the Insurance Finance & Risk vendor review; version 3.1 is now available across our global PwC network.
05 November 2019 Adjust your IFRS 17 implementation to consider Adjusted Operating Profit (AOP) With many insurers well progressed with their technical IFRS 17 accounting decisions and entering detailed design phases, attention is now being focused on how they will be viewed and judged externally once IFRS 17 goes live. Our first report on key performance indicators (KPIs) ‘New Measures, New Perspective’ analysed the current suite of KPIs insurers report to the market and assessed how these metrics were likely to be affected by IFRS 17. In our latest report, we explore the challenges and options insurers have when calculating Adjusted Operating Profit (AOP) under IFRS 17.
28 October 2019 IFRS 17 In A Box: Taking the headache out of implementation I have spoken about the importance of getting on the front foot with IFRS 17, in order to firstly ensure compliance with the standard come D-day, and secondly take advantage of the opportunity to transform the finance systems you already have to better serve your company. But what if you’re late coming to the IFRS 17 implementation process and are unsure about where to start? Or your company is not large or complex enough to run a dedicated finance transformation programme? Or even that you are busy developing your own bespoke solution, but want a ‘control’ against which to validate your results? We have identified that there is a significant gap in the market for such a solution and therefore have spent over a year developing our own software solution: PwC’s IFRS 17 In A Box.
28 July 2019 Using IFRS 17 as a catalyst for Finance Transformation: What's all the fuss about? IFRS 17 as a catalyst for finance transformation and digital change within an insurance company - Is this a crazy idea? IFRS 17 is an accounting standard after all so it's only for accountants to think about isn't it? Why should an insurer change their whole business approach and systems to comply with an accounting change? and surely other regulatory changes have offered this opportunity too?Over the last 2.5 years, I've been more intensely involved with IFRS 17 and linking with PwC insurance teams all over the world. I've recently heard clients being increasingly receptive to including other areas into their IFRS 17 projects. To be honest, some insurers still see IFRS 17 as a pure technical accounting exercise to comply with the Standard set by the IASB, where others are running full scale finance transformation projects and using IFRS 17 as a catalyst.
30 May 2019 IFRS 17: The impact on internal audit This is not the first time I’ve spoken about the importance of a full and accurate impact assessment, and it certainly won’t be the last, but today I want to focus specifically on how IFRS 17 is likely to impact internal audit. With the help of internal audit expert Klaas de Vries, in this blog I have summarised the key impacts, and the corresponding ways in which you can best utilise your internal audit function ahead of 1 January 2022.
17 May 2019 Next generation finance: Using IFRS 17 as a foundation for transformation Preparations for IFRS 17 and the parallel IFRS 9 have moved up several gears over the course of this year. Clear signs of this increased urgency came from the finance leaders taking part in our recent “Is IFRS 9/17 a building block for digital finance transformation?” briefing and Q&A session. I wasn’t just struck by their readiness to take time out to discuss implementation at the height of the reporting season, but also the detail of their questions, which shows how much they’re now getting down to the nitty-gritty of IFRS 17.
13 May 2019 IFRS 17: What can we learn from the Middle East? In the past 2 weeks, I was lucky enough to spend a week in sunny Dubai with my PwC counterparts across the Middle East, in order to gain an understanding of how their IFRS 17 plans are shaping up in comparison to the other countries around the world. This was a fantastic opportunity not just for knowledge sharing and networking, but also to focus on areas that we can learn from the Middle East’s experience, and vice versa. So, other than the importance of factor 50 suncream, what lessons can we learn from the Middle East IFRS 17 journey so far?
09 April 2019 IFRS 17: New Measures, New Perspective Over the past year and a half, the insurance industry’s focus for IFRS 17 has primarily been on risk assessments, vendor solutions and implementation plans. These topics have of course warranted their time in the spotlight, but the new agenda item in the market is key performance indicators (KPIs). How do KPIs change in a post IFRS17 world and how does this influence how a company tells its story to the market?
25 February 2019 IFRS 17: Jump start your IFRS 17 project In mid-February, my PwC IFRS 17 colleagues in the UK and I were joined by over 30 clients who expressed an interest in hearing more about what we have collectively learnt from the 140 projects that we are currently involved in, and the current position of other global Insurers on their respective IFRS 17 journeys. At such a busy time of year for Insurers, it is great to see that there is still a high demand to compare journeys and progress with peers in the market. A decent proportion of clients are not letting this reporting period be 3 months lost in their IFRS 17 programs.
20 December 2018 IFRS 17: A year in review As a busy 2018 draws to a close, it seems only appropriate to reflect on the past 12 months and ask those key questions such as, what went well, what could’ve gone better and what lessons have we learned? In this short blog, I would like to revisit some of my personal highlights and take a look ahead into 2019 – and I would encourage you all to do the same!Let’s start at the beginning. From October 2017 to March 2018, PwC hosted a series of IFRS 17 Tech Showcases in 12 different cities, which attracted over 1,000 clients and a variety of technology vendors. These showcases were successful in initiating conversations around technology solutions, and gave attendees some ‘food for thought’ in terms of how best to plan for shortages in IFRS 17 SME resources. I personally gained a lot from these trips as they greatly enhanced my understanding of Asia’s general state of readiness for IFRS 17 in comparison with Europe and the America
06 December 2018 No let-up: Why insurers can’t afford to lose sight of IFRS 9 The new accounting rules for insurers who have already elected to defer changes to their financial instruments accounting by 3 years, may have been delayed by an additional year, but they’ve not gone away. With so much to do and so many complex hurdles to overcome, to stand still is to fall behind.
05 December 2018 The impact of IFRS 17 on the tax function IFRS 17 brings huge change for the insurance industry. This new accounting standard will require companies to transform their accounting systems, processes, data and governance. Over the past few months there has been much focus on how IFRS 17 will require finance and actuarial platforms to be transformed. When one thinks traditionally about tax, many only consider the impacts on the numbers and tax calculations in the financial statements and tax returns. However, if a company is making changes to its finance systems, the data it gathers, its controls framework, etc., it is likely there will also be a big impact on the tax function.
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