Asia: Region leads the way in IFRS 17 implementation
Source: Asia Insurance Review | May 2018
Asian companies have been among the first in the world to start preparing for the new International Financial Reporting Standard 17 (IFRS17) which will significantly change the way insurance contracts are measured and reported. Korean insurers are the most advanced in preparing for the implementation of the accounting standard.
According to a report from financial technology service provider FIS, companies in China, Malaysia and Thailand have also been some of the first movers. IFRS 17 takes effect on 1 January 2021.
“If you are in the first wave of IFRS 17, you will have progressed far down the project path and have the end goal in sight,” FIS global risk solutions leader Mr Martin Sarjeant said.
FIS said western European firms are in the ‘second wave’ of preparedness and are increasingly moving from implementation and gap analysis to deciding on systems, partners and methodology.
North American companies are in a similar position, while those in South Africa, Latin America, and Central and Eastern Europe are in the ‘third wave’ having only started gap analysis this year.
Those that leave it too late could suffer considerable losses and skills shortages as firms scramble to find the right staff amid huge demand for specific expertise. A