IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. It will replace IFRS 4 on accounting for insurance contracts and has an effective date of 1 January 2021. In November 2018, the International Accounting Standards Board (IASB) has voted to delay the implementation of IFRS 17 for one year to Jan. 1, 2022.
The processes required to create and consolidate these IFRS-17 reports are very complex, specific to the organization, and are subject to change. With Appian, insurers will have the flexibility to coordinate, manage, and control these processes.