Q&A Navigating IFRS 17
Q1: What is the primary focus of “Navigating IFRS 17”?
A1: The book offers a comprehensive guide to understanding and implementing IFRS 17, the new, consistent accounting model for all insurance contracts, replacing IFRS 4. It also provides a summary of lessons learned and helps coping with the post-implementation challenges. The book bridges the gap between accounting and actuarial practices. It provides in-depth analysis, practical guidance, numerical examples and expert insights to help professionals navigate the complexities of the standard.
Q2: Who is the target audience for this book?
A2: “Navigating IFRS 17” is designed for CFOs, CROs, accountants, actuaries, risk managers, market analysts, and students in accounting and actuarial academic institutions. It caters to both technical and strategic roles within insurance organizations.
Q3: What practical areas does the book cover?
A3: The book delves into various aspects of IFRS 17 implementation, including:
- Leveraging Solvency II work
- Structuring portfolios
- Cash flows and discounting
- Risk adjustment methodologies
- Contractual service margin (CSM) calculations
- Designing the accounting framework
These discussions aim to provide actionable strategies for effective application of the standard.
Q4: How does the book approach the challenges of IFRS 17 implementation?
A4: The authors acknowledge that many insurance organizations are still in the early stages of full IFRS 17 implementation. The book addresses critical and controversial areas, offering insights into potential pitfalls and lessons learned to facilitate a smoother transition and/or cope with post-implementation challenges.
Q5: What makes this book distinct from other IFRS 17 publications?
A5: Unlike other publications that focus solely on accounting perspectives or specific regions, “Navigating IFRS 17” provides a holistic view that integrates both accounting and actuarial considerations. The book also provides many numerical examples which are key to properly understand the dynamics of the different approaches: the General Measurement Model, the Premium Allocation Approach as well as the Variable Fee Approach. This makes it an indispensable resource for professionals involved in IFRS 17 implementation.
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