KPMG Indonesia's Insurance practice leaders hosted KPMG business talk breakfast briefing series titled “IFRS 17 implementation” on 12 September 2024 at the KPMG Clubhouse in the Menara Astra building, Jakarta.
“IFRS 17, Insurance Contracts” has been in effect globally since 1 January 2023. It aims to increase transparency and to reduce diversity in the accounting for insurance contracts. In Indonesia, IFRS 17 was adopted as PSAK 117 and will go into effect on 1 January 2025. This two-year gap will enable insurers in Indonesia to leverage the experience of the global community when implementing IFRS 17. With this in mind, KPMG is committed to providing ongoing analysis of insurer reporting on the implementation of the new accounting standards.
As a reminder of what was discussed by KPMG’s insurance practice leaders from Indonesia and Singapore during the session, we are pleased to share the materials and key takeaways from the event, as follows:
- Looking ahead to 2025, it will not be an easy year for those in insurance sector. However, the two-year gap we have presents a valuable opportunity to maximize the lessons learned from other countries that have already adopted IFRS 17.
- While much of our focus has been on the initial implementation of IFRS 17, it is essential to remember that the journey does not end in 2025. Instead, we must embark on a new journey to ensure that the positive impacts of IFRS 17 translate into tangible business benefits. This means integrating IFRS 17 into our business plans and key performance indicators, as well as formalizing our communication strategies with all stakeholders.
