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In 2021, companies will apply the accounting requirements in IFRS 17. The Standard will be a fundamental change for the insurance industry. For many companies, the challenge will be as big as adopting IFRS Standards for the first time.
Jurisdictions have their own processes for adopting a new IFRS Standard, varying from automatic adoption to extended consultation and endorsement. Regardless of the adoption process, the national standard-setter or regulator can play a crucial role in successful implementation of a new IFRS Standard.
This article outlines steps national standard-setters or regulators may take when planning for implementation of IFRS 17 in their jurisdiction alongside the materials and other support available from the IFRS Foundation.