PwC Tanzania IFRS 17 readiness survey report 2022

Overview

A new dawn for insurers

All insurance companies reporting under the International Financial Reporting Standards (IFRS) will be impacted by the new IFRS 17 standard which comes into force in January 2023. IFRS 17 represents a fundamental change in the measurement of insurance obligations and will have major implications for existing financial reporting and operations.

In order to gain further insights into the current status of implementing IFRS 17, PwC in collaboration with the Tanzania Insurance Regulatory Authority (TIRA) conducted the IFRS 17 readiness survey. The survey focused on technical accounting, financial impact, overall programme management and the effect on data and systems. 17 insurance companies, including some of the largest insurers participated in this survey between May 2022 and June 2022.