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IFRS 17 is the International Financial Reporting Standard issued by the International Accounting Standards Board. It will replace IFRS 4 on accounting for insurance contracts on 1/1/23.


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About IFRS 17

IFRS 17, issued by the International Accounting Standards Board (IASB), is a comprehensive accounting standard that addresses the accounting for insurance contracts. This regulation introduces a principles-based approach, replacing the diverse range of practices that existed under the previous standard, IFRS 4.

 

The consequences for your reporting

Regulatory authorities in many countries require companies to adhere to accounting standards such as the IFRS 17. Non-compliance can lead to legal actions, fines, or other penalties imposed by regulatory bodies. To mitigate these risks, consider implementing an IFRS 17 solution that ensures compliance and streamlines your accounting processes.

 

The challenge

The adoption of IFRS 17 represents a significant change in the accounting of insurance contracts,  posing challenges for insurance companies. These challenges include strong complexity, system and process change, cost of implementation and time management.

 

What we offer

At cleversoft, we offer an IFRS 17 SaaS solution that addresses these challenges. Our tool supports the General Measurement Model (GMM), the Premium Allocation Approach (PAA) and the Variable Fee Approach (VFA) and can handle inward and outward business.
Additionally, our team of experts constantly monitors the published regulations and auditors feedback and implements changes in the calculation models accordingly to ensure compliance and efficiency.

IFRS 17 Services
IFRS 17 Service

A modern and scalable software that helps you comply with the IFRS 17 accounting standard using a proven methodology and framework