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IFRS 17 Compliance: Bridging the Gap

IFRS 17 and US GAAP – understanding the key differences

 

IFRS 17 Compliance: Bridging the Gap

IFRS 17 and US GAAP – understanding the key differences 

The International Accounting Standards Board released the accounting standard, IFRS 17 Insurance Contracts, with the aim of standardizing measurement approaches and models for insurance contracts and facilitate comparability of financial statements of insurers. While compliance will require insurers to revamp their financial statements and source systems, complying with IFRS 17 provisions for short term contracts is even more complicated. In addition, insurers with a global footprint will need to comply with US GAAP as well as IFRS 17 further compounding the situation. To achieve timely compliance, insurers must

  • Understand the differences and similarities between US GAAP and IFRS 17 and overcome challenges to creating financial statements under each standard
  • Gain clarity on the measurement approaches under IFRS 17 to identify the one best suited for the contract
  • Define a roadmap for IFRS 17 compliance with timelines for achieving key milestones
Debaditya Gupta

Head - ANZ, IFRS 17 Initiatives, Finance and Reporting Practice, Banking, Financial Services, and Insurance, TCS

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