Prepare for IFRS 17 with Accounting Automation

According to EY, IFRS 17—a new financial reporting standard hitting the insurance industry—will represent the most significant change to insurance accounting requirements in over 20 years.

The new standard represents a fundamental shift in how insurers will account for their contracts and will require significant implementation work, as impacted companies must re-evaluate processes, controls, and technology.

Workloads are likely to increase for the accountants involved in preparing for and adopting IFRS 17, so companies are turning to modern accounting to enable a successful transition to this new standard.