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IFRS 17 challenges: Disrupting business as usual

Future CFO

One of the major IFRS 17 challenges is that it’s disrupting business as usual for insurers. According to a WTW IRS 17 survey, there are major post-implementation challenges that insurers still need to overcome after reporting their half-year 2023 results under IFRS 17 for the first time.

IFRS 52
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IFRS 17: Huge work required before delivery success

Future CFO

Insurers have reported that there is still a huge amount of work to complete in order to successfully deliver IFRS 17 ahead of the 2023 deadline, said WTW recently. According to WTW’s latest survey, entitled ‘IFRS 17: Will we make it?’, insurers report material progress has been made since WTW’s previous IFRS 17 poll in 2021.

IFRS 52
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CIMA unveils upgraded CGMA professional qualification for modern finance

Future CFO

Moreover, the upgraded syllabus seeks to enhance key competencies and behaviours for strategic planning while broadening its scope to include sustainability, such as green finance, environmental costing, and disclosures under IFRS S1/S, as well as other financial technologies like Generative Artificial Intelligence.

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IFRS 16: How to enable a smooth transition

Future CFO

IFRS 16, published by the International Accounting Standards Board (IABS), came into effect on January 1, 2019. In an effort to boost transparency, IFRS 16 eliminates the distinction between finance leases, which were previously capitalized on corporate balance sheets, and operating leases, which were not.

IFRS 52
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Reporting Rules That Make or Break Your Reputation

CFO Talks

Global standards such as IFRS, IFRS for SMEs, and emerging sustainability frameworks have become the common language of credibility. Theyve attended the training sessions and can quote the key principles of IFRS. IFRS evolves. Its a lens into the organisations future. The push for sustainability reporting is accelerating.

IFRS 52
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IFRS 17 cost estimated at US$15B to US$20B for insurers

Future CFO

The total IFRS cost faced by the global insurance sector to implement the standard is estimated to hit the range of US$15 billion - US$20 billion, said Willis Towers Watson recently. Estimated IFRS costs vary significantly by insurer size, according to a Willis Towers Watson study which polled 312 insurers from 50 countries.

IFRS 52
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Your Career’s Not Capped, But It Might Be Flatlining!

CFO Talks

Scenario planning, risk-weighted forecasting, pricing model evaluations, and strategic growth mapping arent nice to have, theyre core tools in your arsenal. With ESG regulations evolving, IFRS standards tightening, and public accountability intensifying, staying compliant isnt optional. The investor calls that dont go as planned.

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