Accounting Changes a Chance to Modernize Data, Analytics

In May 2017, the International Accounting Standards Board released International Financial Reporting Standard 17 (IFRS 17), which aims to establish a single set of principles for the recognition, measurement, presentation, and disclosure of insurance contracts.

The standard, which will replace the interim IFRS 4 standard and go into effect Jan. 1, 2021, is intended to create greater transparency and standardization in financial statements and to better align insurance accounting standards with those in other industries. IFRS 17 compliance will necessitate increased agility in analyzing, modeling, and reporting detailed insurance contract information.

Author: Larry Manno

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