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All insurance companies reporting under IFRS (International Financial Reporting Standard) will be impacted by the new reporting standard when it becomes effective in January 2023. IFRS 17 will result in significant changes to the way that financial information is presented, and adoption will require significant planning.
IFRS 17 presents opportunities to harness data more effectively, to improve the structure of your finance function and to better inform your decision making. Ultimately IFRS 17 is about what story you want to tell about your company… and if you really grab the opportunities that implementing the standard presents, imagine the sort of business you could be running in 2023.
IFRS 17 Managed Service provides access to a PwC developed solution in the 17 Solved calculation engine, coupled with ongoing support from a reliable global IFRS 17 implementation leader. The Managed Service fills the gap for many insurers who do not have the time and resources available to develop an in-house IFRS 17 capability and to purchase a vendor solution.
The implementation of IFRS 17 will be a major challenge for the insurance industry, fundamentally changing accounting and reporting practices.
Our aim is to ensure that key stakeholders in your business have a sound understanding of IFRS 17 and its business impact ahead of IFRS 17 implementation in 2023. We have developed a suite of training materials to be delivered in one of three ways; via PwC facilitated training, via the comprehensive PwC IFRS 17 e-learning curriculum, or via a blend of the two.