The Zimbabwe Insurance and Pensions Commission (IPEC) held a capacity-building workshop in Harare for funeral assurers and their actuarial advisers focused on International Financial Reporting Standard 17 (IFRS 17) compliance, after ongoing capacity and skills gaps hindered reporting in the sector. IFRS 17 has applied to all insurance entities since 1 January 2023 under the Public Accountants and Auditors Board’s accounting standards framework and requires annual and quarterly returns to IPEC, which are used to compile sector reports. IPEC linked the funeral assurance sector’s compliance difficulties to its inability to publish quarterly reports for the segment since the quarter ended 31 December 2023. The session covered IFRS 17 principles, measurement models, and specific reporting gaps, with the funeral assurance sector committing to submit accurate returns going forward.
Zimbabwe Insurance and Pensions Commission 2025-07-07
Zimbabwe Insurance and Pensions Commission runs IFRS 17 compliance training for funeral assurers to address quarterly reporting gaps
The Zimbabwe Insurance and Pensions Commission (IPEC) conducted a workshop in Harare to address IFRS 17 compliance issues among funeral assurers and their actuarial advisers. The sector has struggled with reporting due to capacity and skills gaps, impacting its ability to publish quarterly reports since December 2023. The workshop focused on IFRS 17 principles and measurement models, with the sector committing to improve reporting accuracy.