Bnamericas | January 12, 2021<\/p>\n
Chile has taken a step closer to introducing the new IFRS accounting standard for insurance contracts: IFRS 17.<\/p>\n
Financial services watchdog CMF has put out to public consultation until May 12 draft implementation instructions.<\/p>\n
The proposal encompasses international best practices and international recommendations concerning the constitution of technical reserves. <\/p>\n
In 2018 watchdog officials conducted associated research and the following year instructed insurers to evaluate the impact of implementation, the latter a process that is due to be repeated.<\/p>\n
A key aim of introducing IFRS 17 is to standardize insurance accounting globally, to improve comparability and boost transparency. <\/p>\n
IFRS 17 is effective for annual reporting periods beginning on or January 1, 2023 with earlier application permitted as long as IFRS 9 is also applied, London-headquartered non-profit the International Financial Reporting Standards Foundation, which devised the framework, said.<\/p>\n
IFRS 17 is a wide-ranging standard that affects various operational areas of an insurer, not just its accounting department.<\/p>\n
In development for about 20 years, IFRS 17 replaces an interim standard known as IFRS 4, under which there is a lack of comparability among companies across countries, among insurance contracts and among industries.<\/p>\n
CMF is working to close regulatory gaps. <\/p>\n","protected":false},"excerpt":{"rendered":"
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