Page 11 - IIM(V)Issue_10 Feb_V4

RESEARCH @ IIMV

Alternatively, parochialism can positively influence science
commercialization and be reflected through academic innovators’
perception, purpose and persistence of efforts toward science
commercialization initiatives.

Originality/value
The study contributes to extant literature on science commercialization

in three major ways – a conceptual predictive model, theoretically
grounded antecedents and their corresponding influence on science
commercialization.
Click here to read the paper.

IFRS 17: Issues and challenges before the Indian insurance
industry

Deepika R Gupta
Insurance Law Journal ((2024) 33 ILJ 106) by LexisNexis (ABDC-A)

IFRS 17, ‘Insurance Contracts’, is the new International Financial
Reporting Standard (IFRS) issued by the International Accounting
Standards Board (IASB) which brings fundamental changes to
recognise, measure, present and disclose insurance contracts. It
replaces the former IFRS 4 - ‘Insurance Contracts Accounting’.
The objective of IFRS 17 is to bring greater transparency and
comparability to international insurance accounting, thus offering
greater insights into insurers’ financial health. This standard is to be

implemented for reporting periods on an annual basis that begin on
or after 1 January 2023. The stakeholders need to understand the
interrelationship between the current existing method as well as plan
the time of reporting and requirements of IFRS 17 and the fundamental
changes to be adopted. The move is towards a consistent, principles-
based approach with a global and uniform accounting model for all
contracts of insurance. This will make it simpler for investors and

analysts for financial positions and performance comparisons of
different companies across the insurance sector. Insurance contracts
include characteristics of both financial instrument and service
contract. With the new standards, its implementation will pose both
opportunities and challenges for insurance companies. In this article,
I explore the challenges, issues and opportunities of IFRS 17 through
strategic decisions like the impact of insurers’ risks, changing finance
and actuarial systems, processes and controls, tax considerations,
reporting mechanisms and disclosures, solvency processes, and the

9 VOL.6/ ISSUE 1, SEP-DEC 2024