The global IFRS team has released IFRS Alert 2017-02 ‘IASB issues IFRS 17 Insurance Contracts’.
The new Standard replaces the similarly titled IFRS 4 which was issued some time ago as an interim Standard. It rewrites the rulebook for insurance reporting and will have an impact on data, people, technology solutions and investor relations. Implementation costs are likely to be substantial but the Standard will bring benefits in terms of improved transparency, consistency and comparability across the insurance markets.
IFRS Alert 2017-02 provides you with more information on this major new change. We also plan to issue a detailed guide on the new Standard in the near future.