Insurers’ IFRS 17 implementation challenges and insights
Johannesburg, 9 October 2020 – The IFRS 17 Insurance Contracts (IFRS 17) standard has been deferred by two years from the initial effective date to now being from annual reporting periods beginning on or after 1 January 2023. This has mainly been due to amendments that were aimed at helping companies implement the standard and make it easier to explain their financial performance. Although the deferral could possibly mean additional implementation costs being incurred, it has been well received by the industry as there was pressure to finalise their systems and the additional time provides an opportunity to parallel run IFRS 17 and note differences and impact from IFRS 4 as well as ensuring the processes are not rushed. SAICA recently hosted an event in this regard and Kedibone Pilusa, SAICA Project Director for Members in Business, shares some of the challenges and insights noted.