Why is IFRS 17 is an opportunity for companies in Dublin, Ireland?
IFRS 17 presents opportunities to
Harness data more effectively,
Improve the structure of your finance function, and
Better inform your decision making.
Ultimately IFRS 17 is about what story you want to tell about your company, and if you grab the opportunities that implementing the standard presents, imagine the sort of business you could be running in the future.
How Axiom can help you?
Axiom's team of actuaries, accounting change specialists and IT experts are assisting companies to meet the requirements of the regulators across Dublin Ireland, Europe, and the Middle East including the Kingdom of Saudi Arabia and UAE.
Axiom Proposes a Phased Plan for an End-to-End Successful IFRS 17 Implementation
Key lessons for Implementing IFRS 17
IFRS 17: The biggest shake up of Insurance Reporting
IFRS 17 is the biggest shake up of insurance reporting for decades, impacting all insurers reporting under IFRS. The final Standard was released in May 2017 and applies separately to
all insurance and reinsurance contracts.
The IASB announced on 14 November 2018, that subject to public consultation, IFRS 17 will be effective from 1 January 2022, with
prior year comparative reporting required.
The IASB aims to provide more transparency and comparability , compared to current accounting standards. This means big changes in the way that financial information will be presented by insurers. The Standard is complex and adoption will require adequate planning to ensure the impact on your organization is understood, allowing you to maximize the value from your implementation project and minimize disruption to your business.