What is IFRS17?

IFRS 17 provides consistent principles for all aspects of accounting for insurance contracts. It removes existing inconsistencies and enables investors, analysts and others to meaningfully compare companies, contracts and industries.

Who Needs to Comply with IFRS17?

IFRS 17 applies to insurance contracts. Although this means that IFRS 17 affects any company that writes insurance contracts, such contracts are generally not written by companies outside of the insurance industry.

When Does it Come Into Effect?

IFRS 17 is effective from 1 January 2023

How Can We Help?

SBS has a team that is dedicated to providing our clients with the best IRFS specialist in order to comply with the new regulations. Our team focusses on two specific areas within IFRS17, that being Data Management and Consulting.

Our Data Management expertise can assist with the following:

  • Analysing Historical Data

  • Consolidation and Transformation of data for consumption by internal systems

  • Operational and Financial Reporting in accordance with International Financial Standards.

Our dedicated Consulting team has a wealth of knowledge that includes the following assets:

  • CA’s

  • IFRS’s experts

  • Technical Accountants and

  • Business Analysts.

To download the official IFRS17 Fact sheet from The International Financial Reporting Standards Foundation click below.

For more information regarding IFRS and how we can help you, please contact us below and we will be happy to assist in getting you IFRS17 compliant.