45 posts categorised "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.
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