Our team of professionals have been monitoring the impact of IFRS17 on GI, PHI and Life Insurers and how these entities will need to report to Australian Prudential Regulation Authority (APRA). On 6 April 2022, APRA released additional draft life and general insurance reporting standards impacted by the introduction of the Australian Accounting Standards Board 17 Insurance Contracts (AASB 17), and further revisions to the private health insurer (PHI) reporting standards.
Our experts analysed the proposed standards for Insurers and we listed the differences between the latest reporting standards released in April 2022, against the draft reporting standards released in December 2021.
Following consideration of feedback received, APRA expects to begin the release of final
standards in Q3 of 2022. The effective date of the revised standards will be 1 July 2023.
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