IFRS 17 and IFRS 9 are new accounting standards that have significant implications for insurance companies and banks. IFRS 17 replaces the existing insurance accounting standard, IFRS 4, and IFRS 9 replaces the existing financial instruments standard, IAS 39.
IFRS 17 introduces a new accounting model for insurance contracts that is designed to provide a more consistent and transparent view of insurers’ financial performance. IFRS 9 introduces a new classification and measurement model for financial instruments that is designed to be more risk-sensitive.
Our Value Proposition
White Gate Consulting is established in 2023 in Singapore and teams up with FSI industry leaders, FSI digital strategists, FSI Enterprise Architects and well-established global partners to delivery unparallel & scalable expertise.
50+
IFRS17 & 9 Projects experience from across the globe
80+
Highly experienced IFRS Consultants
3
Consulting & Delivery Packages to suit clients needs
IFRS17 Packages
Expert Consulting Days
Best suited for clients, who has already selected the technology or building inhouse solution and need to fill an understanding gap for IFRS17 consulting expertise.
Shared Service Approach
A shared technology and consulting approach optimizes costs by standardizing best practices across the organization, leveraging shared technology platforms, and collaborating with consulting partners. It fosters continuous improvement and risk management while facilitating knowledge sharing for sustained efficiency and competitiveness.
End to End IFRS17 Delivery
This tailored consulting and implementation approach is ideal for clients without prior technology selection and lacking expertise in IFRS17 compliance. It offers dedicated teams and technology solutions, ensuring personalized guidance and support throughout the process.
Regulations & Compliance (IFRS17)
Methodical & sequenced consulting approach to go outward to inward – looking at the financial reporting requirements and working through data, conversion, calculations to reporting and monitoring.
Step 1
Overview of IFRS and key considerations for the Financial Statements.
Step 2
Compiling Data and determining important conversion methods between source and target
Step 3
Applying Measurement Models & Use Cases applicable for the portfolio.
Step 4
Financial Reporting & Disclosures Parallel runs and transition runs
Step 5
Monitoring & Business Value Extraction from IFRS implementation.
IFRS 17 and IFRS 9 are new accounting standards that have significant implications for insurance companies and banks. IFRS 17 replaces the existing insurance accounting standard, IFRS 4, and IFRS 9 replaces the existing financial instruments standard, IAS 39.
IFRS 17 introduces a new accounting model for insurance contracts that is designed to provide a more consistent and transparent view of insurers’ financial performance. IFRS 9 introduces a new classification and measurement model for financial instruments that is designed to be more risk-sensitive.
Our Value Proposition
White Gate Consulting is established in 2023 in Singapore and teams up with FSI industry leaders, FSI digital strategists, FSI Enterprise Architects and well-established global partners to delivery unparallel & scalable expertise.
50+
IFRS17 & 9 Projects experience from across the globe
80+
Highly experienced IFRS Consultants
3
Consulting & Delivery Packages to suit clients needs
Key strategic steps for insurance companies and banks
Insurance companies and banks should take the following key strategic steps to prepare for IFRS 17 and IFRS 9:
- Assess the impact of the new standards. Financial institutions should assess the impact of IFRS 17 and IFRS 9 on their financial statements, key performance indicators, and risk management systems.
- Develop implementation plans. Financial institutions should develop implementation plans for IFRS 17 and IFRS 9. These plans should include timelines, resource requirements, and communication strategies.
- Make necessary system changes. Companies may need to make changes to their accounting systems and other IT systems to support the implementation of IFRS 17 and IFRS 9.
- Train staff. Companies should train their staff on the new accounting standards and the changes to their internal processes and systems.
- Communicate with stakeholders. Companies should communicate with their stakeholders, including investors, analysts, and regulators, about the impact of IFRS 17 and IFRS 9 on their financial performance and other key metrics.
Additional considerations
In addition to the key strategic steps listed above, insurance companies and banks should also consider the following when implementing IFRS 17 and IFRS 9:
- Data quality and availability. Companies should ensure that they have the necessary data to implement IFRS 17 and IFRS 9. This may require them to collect new data or to improve the quality of their existing data.
- Accounting estimates and judgments. IFRS 17 and IFRS 9 require insurance companies & banks to make a number of accounting estimates and judgments. Companies should develop robust processes for making these estimates and judgments, and they should document their decisions carefully.
- Impact on risk management. IFRS 17 and IFRS 9 may have an impact on Companies’ risk management systems. Companies should review their risk management systems to ensure that they are aligned with the new accounting standards.
Smart consulting packages to help our clients with the knowledge garnered from 50+ IFRS Projects in Europe & N America.
With our 80+ Consulting Expertise in IFRS17 & 9, we are well equipped to help our clients in Data Transformation, Measurements, Financial Reporting and Disclosures.
With our packaged delivery models starting from 3 weeks to 3 months to T&M for extremely large engagements to scale.
are highly flexible to provide the complete expertise required.
