EY and Legerity: We Can Get You Over the Line for IFRS17 Within Three Months

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22 09 Bro Eyandlegerity Website

The International Accounting Standards Board agreed its new standard on accounting for insurance contracts in May 2017; since then, it has put back the effective date twice: insurers were given a year’s reprieve from the original deadline of 1 January 2021 but this proved unrealistic too and IFRS17 – as the new standard is called – has now been mandated for annual reports after 1 January 2023.

Not all insurers are ready for IFRS17, and some of the smaller institutions are yet to start the transition to what is a radical departure from the IFRS4 accounting standard that has been in place for well over a decade. But it is not too late, even for those insurers that have not yet finalised their compliance arrangements.

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