IFRS 9 creates specific challenges for insurers | KPMG | BH

IFRS 9 creates specific challenges for insurers

IFRS 9 creates specific challenges for insurers

2018 is the launch of IFRS 9. Now is the time to consider your steps for putting IFRS 9 into place today and help ensure your roadmap for success.

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IFRS 9 creates specific challenges for insurers

This publication provides you with insights into:

  • Classification and measurement
  • Impairment
  • IFRS 4 and how that will look as you make implementations for IFRS 9

As financial services companies start down the path of IFRS transforming changes over the next few years, challenges—both expected and unexpected—continue to emerge.

Insurers are faced with a catch-22: many are hesitant to begin their transition projects on IFRS 9 before IFRS 4 is ready, but the fact is, IFRS 9 must be used starting January 1, 2018. Since comparatives from 2017 must be aligned with 2018 for the December 31, 2018 statements, companies must actually have their planning process completed by January 1, 2017—less than two years away. As a result, even though they must continue using existing insurance contract accounting practices, it’s important to begin the transition process of IFRS 9 as soon as possible.

© 2017 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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