Introduction to IFRS17

IFRS17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. It replaces IFRS 4 on accounting for insurance contracts and has an effective date of 1 January 2021.

In this presentation, the aim is to provide members with a good understanding of the IFRS17 requirements and be equipped with the necessary basics/background information to understand the key challenges to be discussed at future talks. Specifically, the presentation will include the following:

• objective
• scope
• key definitions
• requirements
• methodologies

This is the first in a series of talks and is presented jointly by the SAI life and non-life IFRS17 working groups. This introductory talk assumes no previous knowledge or experience in the area, and is aimed at actuaries at all levels.