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Speaker(s): Steve Cheung (Ernst & Young)
After twenty years of deliberating, the IASB released the final IFRS 17 Standard on May 18, 2017. By setting January 1, 2021 as the mandatory effective date, the IASB grants insurance companies 3.5 years to implement the new requirements.
For many insurers across Asia-Pacific, IFRS 17 is not just a pure compliance exercise but they see it as an opportunity to rethink and redesign their reporting process, framework and related system, also the related implications on the product development and investor story/ strategy. It has been seen various insurers taking this opportunity as a catalyst for financial reporting transformation.
EY has been supporting various clients on such transformation programs across the region. In the presentation, we will outline and visualize lessons learnt from ongoing IFRS 17 implementation projects in Hong Kong, China, Taiwan, South Korea, Japan, Malaysia, Singapore, Thailand, Australia, and New Zealand.
Lessons learnt cover the following areas: