The new International Financial Reporting Standard (IFRS 17) could provide better insight into underwriting performance and enable comparisons to be drawn between insurers, according to a new briefing from ICMIF Supporting Member A.M. Best.

The Best’s Briefing, “New Accounting Standard IFRS 17 Will Provide Enhanced Reporting,” notes IFRS 17 calculations aim to bring consistency and comparability across the world, and is likely to provide greater granularity. Following a long period of preparation and discussion, the standard was published on May 18, 2017, with an effective date January 1, 2021. However, in A.M. Best’s opinion, this leaves insurers with a relatively short period for preparation as they also have to provide comparative figures for the previous year (2020) and there have already been calls for a postponement to its implementation date.

A full complimentary copy of this briefing is available via the following link (registration required):

A.M. Best Briefing: New Accounting Standard IFRS 17

Watch a recent video interview with Carlos Wong-Fupuy, Senior Director, A.M. Best, discussing the new IFRS 17 at the following link:

A.M. Best TV: Incoming IFRS Standard Promotes Consistency Across Regions