On top of all the other finance and accounting challenges, insurance companies are facing a tall task as they prepare to adopt IFRS 17, the impending accounting standard replacing IFRS 4.
The new standard represents a fundamental shift in how insurers will account for their contracts, and it’s intended to improve comparability of financial statements, along with transparency and quality of investor information. IFRS 17 will require significant implementation work as impacted companies must re-evaluate and redesign processes, controls, and technology.
During the transition period, accounting and finance subject matter experts will be critical to success. However, their workloads are likely to increase substantially due to parallel ledgers and other complexities.
In this whitepaper, Blackline provides visibility, control, and automation to balance sheet substantiation and other financial close processes, enabling a successful adoption of IFRS 17.