El futuro contable en las empresas de seguros: la norma internacional de información financiera 17 contratos de seguros.

Abstract

The insurance industry has relevance in the world economy. After the financial crisis experienced globally, insurers are reorganizing their business strategies to obtain the greatest benefit from the benefits of economic recovery. Motivated by the request of the interested party, the governing body in accounting and financial matters, the International Accounting Standard Board, has developed an accounting framework to regulate this important sector of insurance companies and the disclosure of financial information with high standards of quality that serves as an aid to the investor or interested party at the time of making decisions. Twenty years after the predecessor of the IASB began the project of insurance contracts, the new accounting framework will replace International Financial Reporting Standard 4 for accounting periods beginning on January 1, 2021. This is an important milestone for the insurance industry, being the first accounting standard in a global way for insurance contracts. With its approval in May 2017, the International Financial Reporting Standard 17 incorporates unprecedented changes in the accounting of insurance contracts (issuers) and reinsurance contracts (holders and issuers), fundamentally, how and what should be taken into account at the moment of the preparation and elaboration of the financial statements. Against this, the objective of this research work is to expose various views of authors, by reviewing the approach that has been unified by the IASB for the correct application of this international regulation. The methodology applied in this work has been documentary research, which depends mainly on the information obtained or consulted in document, understood as all material that can be used as a reference source, without altering its nature or meaning, that provides information or gives testimony of a reality or event; who has been of great importance to determine that the regulations will cause a radical change. The IASB has developed IFRS 17 in order to increase comparability between the countries where this accounting framework applies, regardless of whether the entity is regulated as an insurer or if a contract has characteristics that resemble insurance or reinsurance contracts. Result of the investigation has concluded the following: Apart from the change in the way in which the insurance companies are going to keep their accounts, the new accounting framework requires a significant implementation work in all its operations. This will lead to the inclusion of new technology or, at the same time, improve existing technology, optimize methods and renew controls. For the implementation of this new quality standard in insurance companies, it will be necessary to have competent internal or externally hired personnel not only to understand the impact of applying the new accounting framework of insurers, but also to implement it to the context of daily business. Insurance companies should carry out communication projects with investors in order to state that the implementation of IFRS 17 will lead to greater volatility in financial results, and the equity capital of which they are participants, originated by the use of the current market discount rates.