It has often been joked that if it wasn’t for the last moment, nothing would ever get done. Unfortunately, it is often at this last moment that we discover that the task is far more complex than we had expected and that we really should have started working on it much earlier.
One such task is the upcoming financial reporting changes for insurance companies with the release of IFRS 17. The deadline appears to be so far away, so it may seem tempting to bury our heads in the sand and keep postponing this task in favour of more pressing priorities.
The implications for insurance companies could be substantial, so we would encourage you to take a high-level view of the requirements right now, and then formulate a plan for dealing with it at a manageable pace. We have written an article that provides a high-level summary of the requirements and impacts which can be used as a planning resource.