What is IFRS 17?
IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. It will replace IFRS 4 on accounting for insurance contracts and has an effective date of 1 January 2021.
Why should you care?
Unlike prior IFRS changes, IFRS 17 requires business-wide transformation with deep compliance complexity. Unless an organization gets ahead of the potential issues with the right plan, it will likely fall into non-compliance on January 1st, 2021. Such situation would be unacceptable by the IASB and creates unquantifiable risks for the organization.
How big of an issue is this?
It’s massive. This standard affects everyone in your organization, external brokers, investors, entire workflows, processes, financial systems, etc.
Levio gets organizations compliant in time.
Gap Analysis & Diagnostic Report
If you have yet to start or have already begun the journey, we can bring in compliance experts to assess, diagnose and provide holistic reports to help you understand gaps to becoming compliant.
Should you choose to progress further, we will then build a roadmap of activities to ensure key milestones are mapped to meet standards, in time.
Our cross-functional team of accountants, management and IT consultants are executional experts in areas that holistically address the problem, including experts in IFRS 17, change management, operations/financial operations, strategy, DevOps, project management and systems integration. We are ready to help your organization complete the journey on time and enable your staff as needed to meet the demands of IFRS 17. We can plug and play into existing processes to mitigate risks or start from scratch.
What is impacted by IFRS 17?
The entire organization, broker network, partners, investors, regulators are affected by this change. We will help you understand the impact, navigate and manage risks. People education and training will be key to further development and maturity of this standard, we will be there all the way.
Along with people, most if not all processes will be impacted. Our experts will collaborate with your unique business situation to design and develop processes that will enable smooth transition into the next phase.
Updating, re-adjusting or integrating of new technology to become compliant, while automating repetitive tasks to remove errors are all things we can implement to help your business run smoothly; during and after the transition.