In March, when the world was hit by the COVID-19 pandemic, and during the subsequent months there was a clear divide between those organizations that accelerated their digital transformation projects and those who were more cautious and chose to...
According to a PwC report, 32% of CFOs have changed their M&A strategy since COVID-19 appeared in March of 2020. There is evidence that after any market crash M&A activity surges. “Most companies are still in the early days of assessing the...
There is no shortage of challenges associated with IFRS 17. The data, systems, judgement application, and business process complexity of the Standard has been well documented.
In our recent whitepaper, “PAA: An unexpected challenge for General Insurers?” we examined some of the complexities associated with implementing PAA in the real world.
As standalone regulations, revenue recognition (IFRS 15 and ASC 606) and lease accounting (IFRS 16 and ASC 842) are each challenging in their own right. Revenue recognition completely overhauled the way organizations account for contracts with...
After announcing a proposed one-year deferral of the effective date for Targeted Improvements to the Accounting for Long Duration Contracts (LDTI) in June, FASB is expected to issue the final amendment soon to ratify the decision. This will push...
By now, public companies have adopted the new lease accounting standards, IFRS 16 and ASC 842, as required on January 1, 2019.
With the world moving to a Software as a Service (SaaS) based model for applications used across business units, it’s interesting to look at why we are seeing insurers opt for a public/private cloud or on-premise deployment for IFRS 17...
Once again, the International Accounting Standards Board (IASB) has decided to defer the effective date of the IFRS 17 standard to annual reporting periods beginning on or after 1 January 2023. The Board also decided to extend the exemption...
Recently, we participated in the IFRS 17 event hosted by InsuranceERM. The conference was well attended with over 120 senior finance leaders present. It drew speakers from major insurers across Europe including Allianz, AIG, and Ageas Group as...
