Recently, Deloitte hosted an IFRS 17 webinar on our IFRS 17 Global General Insurance Implementation Survey.
Our speakers sharing key insights and findings both at a Global and local lens, with our top three call-outs below on what you need to be on top of now in your IFRS 17 implementation programme delivery:
- Know what you are aiming for - Make sure you have performed an expected financial impact assessment of IFRS 17 and have drafted your proformas financial statements to lock down your data gaps. Knowing what your business outputs are will help you prioritise through to the project end.
- Engage with your auditors - Agreement on technical interpretation with your auditor is important to mitigate delivery risk. Also, at this stage it’s important to plan for audit of your disclosure of the expected impact of IFRS 17, transition adjustments, comparative period as well as the final audit of results under IFRS 17. The more you can do earlier the better it is for both you and your auditor.
- Take your stakeholders on the journey - As you near the effective date it’s more important than ever to ensure stakeholders are informed including:
a. Your Board on judgemental areas such as risk adjustment, onerous contracts and expected financial and capital impacts.
b. Your finance and actuarial teams as you transition out of project mode.
c. Other internal and external stakeholders including investor relations, investors and analysts depending on the nature of your entity.