The Pakistani supervisory authority (SECP) has actually hired regional insurance companies and reinsurers to adhere to the brand-new IFRS17 requirements by 1 January 2026 at the current.
Efficient beginning 1 January 2023, these accounting requirements are suggested to enhance the quality of details offered by insurer and boost worldwide comparability.
In an effort to support the sector in its shift to IFRS17, SECP has actually established a four-phase tactical technique:
- space analysis
- monetary effect evaluation
- System style and method
- Synchronised application of accounting systems
Insurance providers have actually finished the very first 2 stages and are presently in stage 3.