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Implementation of IFRS 17, Insurance Contracts
This accounting alert provides an implementation guide in evaluating the impact of IFRS 17 to the financial statements to insurers.
IFRS 17, Insurance Contracts, which is currently expected to have an effective date of January 1, 2022 but will be effective in the Philippines on January 1, 2023 in accordance with Insurance Commission Circular Letter No. 2018-69, is anticipated to have a significant impact on many aspects of an insurer's financial reporting and operational processes. IFRS 17 heralds a new era of accounting for insurance contracts because it sets out principles-based requirements that aim to improve the comparability of the measurement and presentation of insurance contracts across entities reporting in jurisdictions applying IFRS. The impact of IFRS 17 will be felt by stakeholders, including, but not limited to preparers of financial statements, those charged with the governance of entities that issue insurance contracts, investors, regulators, analysts and auditors.
This accounting alert consists of two papers:
Implementation guide: Considerations for those charged with governance
This paper is issued to assist those charged with governance, which may be a Board of Directors and/or an Audit Committee, to fulfil their responsibilities with respect to an effective implementation of IFRS 17. This paper can help those charged with governance evaluate management's progress towards implementation and assess their external auditors' general readiness to audit the context of IFRS 17. This paper provides ten questions that those charged with governance might ask management in order to assess management’s progress implementing IFRS 17, and ten questions that those charged with governance might ask the external auditor in order to understand their observations and views on management’s progress.
Companion document: Key judgments and accounting policy choices
This paper focuses on key judgments and accounting policy choices faced by insurers related to the adoption of IFRS 17. It is designed as a companion document to the first paper, and provides those charged with governance with an overview of the key areas in IFRS 17 where key judgements and accounting policy choices are made, as well as questions that those charged with governance might consider asking management with respect to those judgments and choices.
See attached implementation guide and companion document for the details of this publication.