{"id":373051,"date":"2023-12-08T09:14:55","date_gmt":"2023-12-08T04:14:55","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=373051"},"modified":"2023-12-08T09:14:55","modified_gmt":"2023-12-08T04:14:55","slug":"secp-notifies-timeframe-for-implementation-of-ifrs-17-for-insurance-industry","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/secp-notifies-timeframe-for-implementation-of-ifrs-17-for-insurance-industry\/","title":{"rendered":"SECP notifies timeframe for implementation of IFRS 17 for insurance industry"},"content":{"rendered":"

ISLAMABAD
\nThe Securities and Exchange Commission of Pakistan (SECP) has notified the adoption of the International Financial Reporting Standard (IFRS) 17 – Insurance Contracts – for the companies engaged in insurance\/takaful and re-insurance\/re-takaful business. The implementation of IFRS 17 will improve the quality of information and reporting standards in the insurance industry and enhance its global comparability.
\nThe new adoption time frame, agreed upon in collaboration with all stakeholder, is January 1, 2026. IFRS 17 requires all insurers to reflect the effect of economic changes in their financial statements in a timely and transparent way.
\nIt also requires providing improved information about the current and future profitability probabilities. IFRS 17\u2019s enhanced transparency is anticipated to enhance long-term financial stability by providing valuable information that allows for timely intervention.
\nThe International Accounting Standards Board (IASB) had replaced the IFRS 4 – Insurance Contracts, with IFRS 17, effective from January 1, 2023. In order to ensure a smooth transition to IFRS 17 in an effective manner, SECP has envisaged a four-phase approach for the insurance industry: (i) gap analysis; (ii) financial impact assessment; (iii) system design and methodology; and (iv) parallel run implementation.
\nThe insurance industry has already completed the phases of gap analysis and financial impact assessment, and currently Phase 3, \u201cSystem Design and Methodology,\u201d is in progress. The notification S.R.O. 1715 (I)\/2023 has been published in the official Gazette of Pakistan and can also be accessed at www.secp.gov.pk<\/p>\n","protected":false},"excerpt":{"rendered":"

ISLAMABAD The Securities and Exchange Commission of Pakistan (SECP) has notified the adoption of the International Financial Reporting Standard (IFRS) 17 – Insurance Contracts – for the companies engaged in insurance\/takaful and re-insurance\/re-takaful business. The implementation of IFRS 17 will improve the quality of information and reporting standards in the insurance industry and enhance its […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-373051","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\nSECP notifies timeframe for implementation of IFRS 17 for insurance industry<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/secp-notifies-timeframe-for-implementation-of-ifrs-17-for-insurance-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SECP notifies timeframe for implementation of IFRS 17 for insurance industry\" \/>\n<meta property=\"og:description\" content=\"ISLAMABAD The Securities and Exchange Commission of Pakistan (SECP) has notified the adoption of the International Financial Reporting Standard (IFRS) 17 – Insurance Contracts – for the companies engaged in insurance\/takaful and re-insurance\/re-takaful business. The implementation of IFRS 17 will improve the quality of information and reporting standards in the insurance industry and enhance its […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/leadpakistan.com.pk\/news\/secp-notifies-timeframe-for-implementation-of-ifrs-17-for-insurance-industry\/\" \/>\n<meta property=\"og:site_name\" content=\"Daily Lead Pakistan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/DailyLeadPak\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-08T04:14:55+00:00\" \/>\n<meta name=\"author\" content=\"Web Desk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@DailyLeadPak\" \/>\n<meta name=\"twitter:site\" content=\"@DailyLeadPak\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Web Desk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta 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