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The International Financial Reporting Standards (IFRS) 17 is a complex set of accounting principles that are expected to materially impact liability measurement and profit recognition for insurance companies. We believe this is very welcome, as the current standard (IFRS 4) needs overhauling and the new standards could enhance global comparability of financial information. However, the intended objectives of IFRS 17 may not be met in full due to the complexity of implementing the new standards in a relatively short timeframe. In this ViewPoint, we outline the history and scope of international standards, describe the potential benefits of IFRS 17, and highlight possible unintended consequences on insurers, analysts and investors.
Publication date:
Oct 13, 2017
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Whitepaper