Insurance industry perspectives and approaches to IFRS 17

The International Financial Reporting Standard 17 (IFRS 17) was issued in May 2017 by the International Accounting Standards Board (IASB) and has an effective date of 1st January 2021. The standard represents the most significant change in financial reporting for decades, placing greater demand on legacy accounting and actuarial systems.

In early 2018, SAS asked 100 executives working in the insurance industry to share their opinions about the standard and strategies for compliance. The research shed light on the sector’s sentiment towards the regulation, challenges and opportunities that IFRS 17 presents, along with the steps organisations are taking to achieve compliance.

This report reveals the findings of the survey and provides guidance on how organisations might best achieve compliance. It provides a subjective, data-driven view of IFRS 17 along with valuable market context for insurance professionals who are developing their own strategies for tackling the new standard.