Our IFRS 17 experts
A global multi-disciplinary team with local presence to support your IFRS 17 project.
IFRS 17 – Insurance contracts measurement
Several years after the publication of the first discussion paper on insurance contracts measurement, the new International Financial Reporting Standard – IFRS 17 Insurance Contracts (IFRS 17) was initially published on May 18, 2017, with an effective date set for accounting periods beginning on or after Jan. 1, 2023.
The insurance business environment has been significantly changing for many years and keeps adapting to current challenges. As a new regulation, IFRS 17 represents one of these current challenges.
The insurance business environment has been significantly changing for many years and keeps adapting to current challenges. As a new regulation, IFRS 17 represents one of these current challenges.
IFRS 17 – Insurance contracts
IFRS 17 represents the most significant change to insurance accounting in decades. The new standard fundamentally modifies the measurement and accounting principles for insurance liabilities and impacts key financial performance indicators. Insurance companies had several years to appropriately implement and understand the standard's requirements, including the amendments issued by the International Accounting Standards Board (IASB) in the exposure draft published June 25, 2020.
Applying IFRS 17
Mazars works with some of the largest insurance and reinsurance companies in the world and has hundreds of specialists in more than 40 countries.
We’ve been involved in the application of the standard in working groups (EFRAG, IASB), then with the first methodological audits, transition and first-time application reviews, and now with the half-year and end-of-year closings. Our specialists have helped several clients with IFRS 17 studies or transactions during and after the standard's implementation.
Our resources provide IFRS 17 support at a global level, for groups and local entities, using our skills in different contexts, from consolidation to local knowledge and measurement of the standard’s impacts.
Our team has considerable experience with:
- Accounting standard analysis
- Implementation and transition
- Post-implementation, sensitivity and KPI analyses
- Application in a business-as-usual context
- Specific transactions such as business combinations
IFRS 17 implementation: our expertise
Our broad IFRS 17 expertise (regulatory discussions, methodology, implementation, audit, benchmarks, management and production of financial statements, disclosures) is based on solid knowledge of the standard and strong finance and actuarial experience. Our clients’ diversity increases our ability to support insurance business actors on IFRS 17-related topics.
Our global and diversified set of skills (finance, actuarial, quant, tax, IT, data) enables us to address your insurance reporting needs and provide insight about emerging market practice around IFRS 17.
Worldwide, Mazars as a group dedicates global teams to standards impacting the insurance industry:
- Specific expertise in IFRS 17
- Permanent regulatory watch
- Participation in all key working groups: EFRAG / IASB
Our team understands the technical and organizational challenges around IFRS 17 and will bring agility, pragmatism and anticipation to create value in your transformation project.
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Actuarial services
In this dynamic and demanding environment, Mazars’ actuaries can provide a wide range of services for companies of all sizes, industries and corporate structures.
Insurance
Providing specialized services and industry expertise in attest, accounting, tax and consulting to help insurers assess and manage risks in a market with complex regulations and compliance issues. Our goal is for you to focus on key strategic business competencies, savings, and growth.
US insurers' journey implementing IFRS 17
The International Financial Reporting Standard 17 (IFRS 17) for Insurance Contracts represents a significant shift in the accounting landscape for insurance companies. Developed by the International Accounting Standards Board (IASB) and implemented in January 2023, IFRS 17 aims to enhance transparency, comparability and understanding of insurers' financial statements.
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