The development of IFRS 17 itself saw the issuance of IFRS 4 as an interim standard, one discussion paper and two exposure drafts. Its finalisation was achieved after more than 900 meetings, 600 comment letters and 4 rounds of fieldwork and testing! I am told it is among the longest in duration, largest in scale and most complex project ever undertaken by an international standard setter – making it a tremendous feat and a testament to the intellectual capacity and perseverance exemplified by the IASB. 1/5  BIS central bankers' speeches  Even then, this 17 year journey remains incomplete as the final stretch begins with the passing of the baton from the standard setter to those involved in preparations for implementation – that is the industry. As the clock counts down to the global implementation date in January 2021, the most important implications of IFRS 17 lie ahead of us. 1. First, it will have an important impact in strengthening market discipline. 2. Second, it will improve alignment between business units and financial management and reporting. This in turn will provide more robust foundations for the growth and development of the insurance sector in this region. 3. And third, it will raise important issues around governance to ensure the integrity of financial reporting by insurers and other market participants.
Jessica Chew Cheng Lian: IFRS 17 Insurance Contracts Welcome address by Ms Jessica Chew Cheng Lian, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Joint IFRS Foundation &amp; MASB Regional Workshop “IFRS 17 Insurance Contracts”, Kuala Lumpur, 17 May 2018. * * * Good morning ladies and gentlemen and welcome to today’s Regional Workshop on IFRS 17 Standards for Insurance Contracts, jointly organised by the IFRS Foundation and the Malaysian Accounting Standards Board (MASB). Allow me first of all to congratulate the IFRS Foundation and MASB for putting this workshop together, with an impressive line-up of experts and practitioners to share their knowledge and insights on IFRS 17. We are especially privileged to have with us today two senior members of the IASB Board Mr. Darrel Scott and Mr. Amaro Gomez, both of whom have been with the IASB for more than 10 years. The strong interest in IFRS 17 and its importance both to financial systems and businesses are clear from the turnout today, with more than 250 participants from over 15 countries, representing industry players, accounting firms, national standard setting bodies and financial regulators. It is an honour for me to offer some brief remarks this morning to kick off today’s workshop. On my way here, I recalled a joke in which a lady was once told by her doctor that she would only have six months to live. Understandably very distraught, she asks the doctor for advice on what she should do.