IFRS 17 is a replacement of IFRS 4 dealing with the standards on accounting for insurance contracts. It was issued by the International Accounting Standards Boards in May 2017 and has a planned implementation date of January 2022. There are 450 insurers globally that are impacted by the IFRS changes, and implementation is well underway.
As part of the implementation of IFRS 17 there is a requirement to complete a transition period with an opening balance for IFRS 17 on 1st January 2020.
This is a challenging requirement for insurance companies, and the approach selected will have a major impact on the effort required to meet this challenge.