Reports 4 January 2022

IFRS 9 Survey Report

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Are You Ready?

The International Financial Reporting Standard 9 (IFRS 9) results in changes to the accounting treatment of different types of financial instruments, overhauls the requirements for impairments and ultimately results in the earlier recognition of credit losses. Some of these accounting changes will have implications for the level and volatility of reported profits and may in turn drive changes in investment behaviour.

Clearwater conducted an industry survey to examine the readiness of the industry for IFRS 9. While the effective date for IFRS 9 has been delayed along with IFRS 17 to January 2023, the survey reveals that there is plenty that insurers should be doing now to be ready for IFRS 9 and 17.

The survey findings published in this report highlight two primary conclusions:

  • Data presents the primary challenge to those implementing IFRS 9
  • Insurers should start their preparation and implementation tasks now

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