IFRS 17 for Insurance Companies
ITG participates in data consolidation projects for IFRS 17.
Since January 2023, the adoption of IFRS 17 (International Financial Reporting Standards) has revolutionized the way insurance companies present their financial information. This standard applies to insurance companies, whether publicly listed or those that report their financial information internationally. ITG understands the challenges that IFRS 17 presents for insurers in the final consolidation of information. In this process, we have been working actively not only on collecting and consolidating data from multiple sources, but also on creating processes that facilitate validation and the generation of management reports.
Key requirements for compliance with IFRS 17 standard
To meet IFRS 17 requirements, it is essential to store data within an entity configured with specific settings, including a chart of accounts and portfolio structure. In addition, there are other points to consider:
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Creation of data transfer rules from the accounting entity to the IFRS 17 entity.
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Importing interfaces generated by the “calculation engine system” into the IFRS 17 entity by developing file converters.
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Accounting closing of the IFRS 17 entity
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Reports
