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.
Read this datasheet to see how BlackLine’s modern accounting platform helps insurance companies with:
Centralization of data and processes across multiple entities and systems
Automation of balance sheet substantiation to manage the increase in account reconciliations
Compliance and internal controls for IFRS 17