Readiness and Challenges for Applying IFRS 17 (Insurance Contracts): The Case of Jordanian Insurance Companies

• 발행기관: 한국유통과학회
• 저자명: Walid Omar OWAIS Ahmad Abdelrahim DAHIYAT
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 8 No.3, 277~286쪽, 전체 10쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2021.03.30

영문 초록

This paper examines the readiness of Jordanian insurance companies to apply the International Financial Reporting Standards (IFRS 17), and the challenges of its application. The study developed a questionnaire based on prior related studies, and in the light of IFRS 17, the study used different statistical methods and techniques such as means, standard deviation, and t-test to achieve its goals. The results indicate that Jordanian insurance companies are not ready to apply IFRS 17, for several reasons. Most importantly, insurance companies have a low level of ability to define the scope of IFRS 17, study the impact of IFRS 17 application to financial reports, and develop new internal monitoring methods to apply IFRS 17. As for the challenges for applying IFRS 17, the biggest is the data challenge, followed by the challenges of first-time implementation, systems, and results and presentation. Finally, this paper advocates that it has become important for Jordanian insurance companies and supervisory bodies to enhance their readiness to apply IFRS 17 within a scheduled time framework and by taking several preparatory steps: performing simulations consisting of procedures to deal with IFRS 17 requirements and the impact on financial reports, and helping human resources with familiarization and application of IFRS 17.

목차

1. Introduction

2. The Importance of the Insurance Sector in the Jordanian Economy

3. Literature Review and Hypotheses

4. Research Method

5. Results

6. Conclusions

References

키워드

IFRS 17 Insurance Companies Readiness Challenges Jordan