IFRS 17 Compliance White Paper
How to minimize the effort of implementing IFRS 17 ?
As our clients ask us how we would implement IFRS 17 we wrote this paper to present our approach. The purpose is to minimize the effort.
IFRS4 had two main characteristics: the first one is that it permitted companies to continue their accounting practices and the second is focused on enhanced disclosure on the amount, timing and uncertainty of future cash flows from insurance contract. This often led to a mismatch between assets being valued at market value while the insurance obligations were treated at historical value. Furthermore, the disclosures often proved not to give enough information on the contracts’ composition and their correct classification under the standard.
IFRS 17 intends to revisit this and implement the mark-to-market logic to insurance liabilities while improving the disclosures.
IFRS 17, released in May 2017, is effective for annual periods beginning on or after 1 January 2021. Earlier application is permitted if an entity already applies IFRS 9 and IFRS 15.
In a lot of cases, client tell us they need to embark on a brand-new project similar in magnitude to Solvency II. We believe some simpler approach can be followed.
IFRS 17 Compliance - White Paper
I’m a financial quantitative analyst passionate in new challenges. With a background in economy, I can evaluate between banking and insurance specificities. Thesis for UCL: Delta-Gamma hedging of longevity and financial risks. Thesis for University of Douala: Difficulty of lending in microfinance institutions, case of COMECI S.A.
Co-Founder & Partner
My experience as CFO and CRO, Board Member in financial services, banking and insurance, allows me to cover a wide range of topics: general management of entities, Risk and finance management, corporate taxes, supervision of IT and operations, accounting, budgeting, creation and restructuring of legal structures, regulatory reporting, acquisition of companies, operational statistics, and management accounting
My strengths are in Finance and Risk Management
+32 475 28 84 23