Ann Duchêne KPMG
July 2022
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IFRS 17 and IFRS 9 – Seven-step action plan to help you prepare
(KPMG Talkbook enclosed - kindly click on the below link)
https://assets.kpmg/content/dam/kpmg/be/pdf/2022/IFRS-Insurers-Talkbook-1.pdf
As many insurers prepare for the January 2023 implementation date of IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments, they should ensure that they communicate the possible impacts of these standards on their financial statements.
What’s the issue?
IFRS 17 and IFRS 9 will bring significant change to financial reporting for insurers.
Pre-transition disclosures on the impact of these standards will be required in 2022 annual financial statements.
Investors, regulators and other stakeholders will expect these to be robust. Therefore, providing timely and useful information will be critical.
What’s the impact?
Reporting in the new era will be more transparent and comparable.
Inadequate pre-transition disclosures in insurers’ 2022 annual financial statements could send a loud and clear message that they are not ready.
2023 interim and annual financial statements may look completely different from those published in 2022.
What’s next?
Identify known or reasonably estimable information for reporting in your pre-transition disclosures this year end.
Consider what additional information you may need to provide to meet stakeholder expectations.
Our seven-step action plan can help you prepare for your 2023 interim and annual financial statements now.
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Contact KPMG:
Ann Duchêne
Principle, Risk & Regulatory
Advisory
aduchene@kpmg.com