Over the past 20 years, the IAA has given significant input to the development of the International Financial Reporting Standard 17, Insurance Contracts (IFRS 17) and has gained significant insight into the challenges and key approaches of reporting under IFRS 17 and the role of the actuary in that reporting process. The IAA believes that many stakeholders could benefit from insights gained by actuaries over the years. The paper presents what the IAA views as good practices that could be followed to improve quality, credibility and public confidence in information disclosed in financial statements prepared in compliance with IFRS 17 thereby serving the public interest.
With a view to good practice, the IAA advocates the production of internal reports that set out the work performed under the applicable standards of actuarial practice for IFRS 17 purposes and are duly signed-off by appropriately qualified actuaries. The IAA considers that such reporting will be of value to insurers and their auditors by improving the quality and credibility of the financial statements and / or the audit opinion, thereby enhancing public confidence in insurers’ financial statements.
