The Time value of money in IFRS 17: how discounting shapes financial outcomes

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<abstract displayLabel="Summary">This article provides an insightful overview of the issues around determining the time value of money, i.e. the discounting in the IFRS 17 accounting framework. The concept of discounting future cash flows has not been consistently applied in previous standards, e.g. many non-life insurance companies did not discount their reported claims reserves in order to include a conservative margin. In IFRS 17, discounting is consistently applied to any long-term cash flows. The discount rates are supposed to reflect any financial risks whereas an explicit margin for non-financial risks  the so-called Risk Adjustment  is added to the liabilities. In several markets deriving reasonable discount rates is challenging given the limited availability of suitable market data</abstract>
<note type="statement of responsibility">Michael Winkler and Sunil Kansal</note>
<note>Michael Winkler : actuario (SAA/DAV) en RefinSol y Shasat Consulting, anteriormente en puestos de management en divisiones actuariales en Swiss Re, Munich Re/New Re y Winterthur Group.
Sunil Kansal : Jefe de Consultoría de Shasat, es censor jurado de cuentas y miembro del Institute of Chartered Accountants in England and Wales.</note>
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