IFRS 17 implementation: market participants’ perspective
IFRS 17 implementation: market participants’ perspective

Summary/Abstract: Purpose – The article aims to present the main challenges and characteristics of adopting the InternationalFinancial Reporting Standard (IFRS) 17 within insurance undertakings.Design/methodology/approach – We examined a comprehensive analysis of the problems associated with IFRS17 implementation, as observed by 68 market participants, including experts, practitioners, researchers and tutors.Findings – The investigation reveals that the annual cohort, treatment of onerous contracts, the two methodsused for the calculation of discount rates and the issues surrounding the premium allocation approach representthe most significant challenges faced in the IFRS 17 adoption. Moreover, some problems lose relevance withtime and the type of challenge reported depends on the opinion setter’s profession.Practical implications – The findings provide insurance companies valuable insights into the key challenges ofimplementing the IFRS. Furthermore, research shows how regulatory bodies should adapt their guidance andtraining to assist insurance companies in IFRS implementation.Originality/value – The study’s originality lies in the comprehensive analysis of the challenges associated withimplementing IFRS 17 in the insurance industry. By integrating institutional theory as a conceptual lens, this studyidentified key implementation challenges and also explored how these challenges evolve and vary based on themarket participants’ perspectives. This multi-dimensional approach to understanding the dynamics of IFRSimplementation provides unique insights that contribute to the existing body of knowledge in accounting research.

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