The insurance industry’s journey towards IFRS17 implementation
By Michael Rellosa | The Manila Times | May 24, 2021
AT this juncture, the Philippine nonlife insurance industry must be deep in thought and action preparing for the implementation of IFRS17 by Jan. 1, 2025. IFRS stands for international financial reporting standards and No. 17 refers to the latest global standard for all insurance contracts replacing all other earlier standards currently in place. The main objective of IFRS17 is to standardize insurance accounting across all jurisdictions with the end in view of improving comparability; thereby increasing transparency.Read More »The insurance industry’s journey towards IFRS17 implementation