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

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…

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

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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