In 2017, the International Accounting Standards Board (IASB) finalized the much-anticipated IFRS 17 standard. Insurers and other affected firms are now sizing up the standard and their obligations and options as the January 2022 (previously January 2021) implementation date looms large on the horizon.
IFRS 17 will fundamentally change the accounting process for all organizations issuing insurance contracts, and it comes on the heels of recent IFRS 9 and upcoming Current Expected Credit Loss (CECL) standard requirements. Organizations will need to adopt both IFRS 9 and 17, as well as CECL in some cases, complicating the challenges ahead.
Insurers have a packed agenda – and it's critical that they assess their data infrastructure as well as analytical, modeling, data governance, and reporting capabilities. To put it simply, it's time to redouble efforts to focus on data – and its accuracy, aggregation, governance, transparency, and usability.
Knowledge is the first step to a successful journey. Oracle provides the data management platform to enable finance transformation and analytical applications for IFRS 17 with pre-built business rules, valuations, contractual service margin calculations, and disclosures. PwC acts as a strategic advisor to customers and provides consulting and implementation expertise and accelerator tools delivering tailored enhancements.
CECL & IFRS 9.
Oracle Financial Services Analytical Applications (OFSAA) and PwC's global partnership offers financial services clients the full insight they need to comply with IFRS 17.
Industry-leading OFSAA solutions coupled with PwC's expertise in implementing best-practice business processes for financial services organizations provides a complete IFRS 17 solution to meet financial institutions' unique compliance needs.