What is IFRS 17?

International Financial Reporting Standard 17 (IFRS 17) takes center stage as a transformative international framework, replacing its predecessor, IFRS 4, and establishing a new era for the industry. IFRS 17 introduces a comprehensive overhaul of accounting practices for insurance contracts. This significant shift brings forth new data and process requirements, impacting cross-functional teams, including actuarial, accounting, and IT.

What Are The Capabilities of IFRS 17?

  • Granular Contract Measurement: IFRS 17 introduces a paradigm shift in contract measurement, necessitating a granular approach that captures the intricacies of insurance contracts. Organisations must reevaluate their measurement processes to align with the new precision requirements, ensuring a more accurate representation of risk exposure.
  • Cross-Functional Collaboration: Compliance with IFRS 17 extends beyond accounting teams, impacting cross-functional departments, including actuarial and IT. Successful adaptation requires seamless collaboration, as each department plays a crucial role in implementing the necessary data and process changes.
  • Transparent Financial Reporting: The implementation of IFRS 17 brings forth new data and process requirements. Organisations must invest in systems that can handle the increased complexity of data, ensuring a smooth transition and adherence to the standardized principles outlined in the standard.
  • Transparent Financial Reporting: Transparency is at the core of IFRS 17. Organisations must focus on presenting a clearer view of their financial position, performance, and obligations. This not only builds trust with stakeholders but also aligns with the standardised accounting principles set by the standard.

     

Our Approach

Our approach to IFRS 17 integration is built on collaboration, customisation, and a commitment to excellence. By tailoring our methodology to the specific needs of each client, we ensure a seamless journey towards compliance at every step. As a dedicated partner, trust us, and we will assist you to navigate through those complex waters.

Our Offerings

Enterprise Performance Management

Benefits of implementing IFRS 17

We leverage advanced analytics to provide your business with real-time insights and comprehensive reporting.

Enhanced data analysis capabilities and comprehensive reporting under IFRS 17 provide deeper insights into financial performance, enabling informed decision-making and strategic planning.

This also assists with facilitating accurate and timely reporting under IFRS 17.

Automated checks enhance accuracy and reduce the risk of errors in compliance.

By automating compliance checks, IFRS 17 ensures adherence to regulatory requirements, reducing the risk of errors and penalties while improving operational efficiency.

Customised solutions that adapt to the unique needs of various business structures.

IFRS 17 allows for customisation to suit the specific needs and complexities of your business model, ensuring that accounting practices align with operational realities.

Achieve cost-efficiency without compromising on compliance standards.

With streamlined processes and standardised accounting practices under IFRS 17 can optimise your resource utilisation, eliminating redundant processes and reducing overall compliance costs.

Quick and responsive decision-making based on up-to-date information.

Implementation of IFRS 17 enables real-time data processing, providing timely insights into financial performance and allowing for quicker decision-making and response to market changes. 

Enhanced risk assessment and management.

IFRS 17 requires a comprehensive assessment of insurance liabilities, leading to improved risk management practices and better-informed decision-making to mitigate potential risks.

Ready to transform your financial landscape?

Speak to one of our experts

CONTACT US
Brian Mudhokwani, COO, ISB Optimus IFRS Consultant
Tel: +27 10 312 6444
Email: info@isboptimus.com

ISB Optimus is a specialised business process management services & professional services firm. This encompasses solutions such as Robotic Process Automation, cloud integration software & iPaaS technology.

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