Insurers have to rely on professional bodies for guidance on how to implement the new International Financial Reporting Standard (IFRS 17) ahead of implementation in January 2021, experts say.
Deloitte actuarial and insurance consulting leader for Kenya Rebecca Muriuki said bodies like the Institute of Certified Public Accountants of Kenya (ICPAK) and industry regulator Insurance Regulatory Authority (IRA) are critical in giving guidance on areas of technical interpretation of the standard.
