IFRS 17 in KSA

The transition to International Financial Reporting Standard 17 (IFRS 17), marks a new era in the insurance industry. With a focus on improved transparency, comparability and consistency, insurance entities have undergone through a major transformation phase to meet these objectives. This transition has presented its fair share of challenges, with the regulatory authorities adopting a leading role in shaping the new financial reporting landscape, ensuring compliance and consistency amongst the insurance entities operating in the Kingdom.

The implementation of IFRS 17 marks a significant milestone in the insurance industry. Regulatory authorities in the Kingdom have proactively established a comprehensive implementation plan, ensuring high degree of understanding of the principles outlined in the standard and promoting an effective and smooth transition. The timely adoption of IFRS 17 in the Kingdom is highly driven by these efforts. Shifting to IFRS 17 has also boosted regulatory efforts towards the transformation and advancement of the insurance industry, by triggering a wave of mergers and acquisitions and building strong foundations for the enhancement of the solvency supervision and financial planning.

The document provides a comprehensive overview of the implementation of IFRS 17 in KSA, including:

• Regulatory framework
• Key challenges
• Lessons learned
• Key Performance Indicators

How Deloitte can help:

In light of the challenges posed by IFRS 17, Deloitte has established a dedicated team comprising seasoned experts, deeply knowledgeable about the intricacies of the standard, capable of providing specialized guidance and experience-driven solutions for navigating the complexities of IFRS 17 with confidence and proficiency.