IFRS 17 implementation: market participants' perspective

Karolina Puławska and Wojciech Strzelczyk

Central European Management Journal, 2025, vol. 33, issue 3, 455-477

Abstract: PurposeThe article aims to present the main challenges and characteristics of adopting the International Financial Reporting Standard (IFRS) 17 within insurance undertakings.Design/methodology/approachWe examined a comprehensive analysis of the problems associated with IFRS 17 implementation, as observed by 68 market participants, including experts, practitioners, researchers and tutors.FindingsThe investigation reveals that the annual cohort, treatment of onerous contracts, the two methods used for the calculation of discount rates and the issues surrounding the premium allocation approach represent the most significant challenges faced in the IFRS 17 adoption. Moreover, some problems lose relevance with time and the type of challenge reported depends on the opinion setter’s profession.Practical implicationsThe findings provide insurance companies valuable insights into the key challenges of implementing the IFRS. Furthermore, research shows how regulatory bodies should adapt their guidance and training to assist insurance companies in IFRS implementation.Originality/valueThe study’s originality lies in the comprehensive analysis of the challenges associated with implementing IFRS 17 in the insurance industry. By integrating institutional theory as a conceptual lens, this study identified key implementation challenges and also explored how these challenges evolve and vary based on the market participants’ perspectives. This multi-dimensional approach to understanding the dynamics of IFRS implementation provides unique insights that contribute to the existing body of knowledge in accounting research.

Keywords: IFRS 17; Accounting; Insurance companies; Financial reporting; Annual cohorts (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eme:cemjpp:cemj-08-2023-0330

DOI: 10.1108/CEMJ-08-2023-0330

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