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IFRS 17 - Insurance
The change in requirements resulting from IFRS 17
KPMG’s global accounting change team recently conducted the complex exercise of working through the impacts of IFRS 17 using illustrative examples.
The impacts of IFRS 17 using illustrative examples.
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What can insurers do now to understand IFRS 17?
What can insurers do now to understand IFRS 17?
Forward-thinking insurers are starting to prepare their roadmap for IFRS 17.
Forward-thinking insurers are starting to prepare their roadmap for IFRS 17.
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IFRS 16: New Lease Accounting
IFRS 16: New Lease Accounting
Prepare your company for the transition towards IFRS 16.
Prepare your company for the transition towards IFRS 16.
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IFRS 15 Revenue – Are you good to go?
IFRS 15 Revenue – Are you good to go?
Our sector-specific SlideShares outline the key considerations that you need to focus on when implementing IFRS 15
Our sector-specific SlideShares outline the key considerations that you need to focus on when implementing IFRS 15
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Financial instruments – Introducing IFRS 9
Financial instruments – Introducing IFRS 9
Our insight and analysis on the impact of IFRS 9 Financial Instruments.
Our insight and analysis on the impact of IFRS 9 Financial Instruments.
New presentations and disclosures illustrated in the report
- The statement of profit or loss.
- The statement of other comprehensive income.
- Movements in insurance contract assets and liabilities analyzed by building block component (required by Exposure Draft paragraph 76), including analysis of new business.
- Movements in insurance contact assets and liabilities analyzed between liabilities for remaining coverage and incurred claims.
- Inputs used in determining insurance contract revenue.An analysis of insurance investment expense.
What will these mean for insurers?
These disclosures will be required both for insurance contracts issued and reinsurance ceded. Separate movement analysis will also be required for insurance contracts and reinsurance contracts issued. Our current interpretation of the presentation and disclosure requirement is based on the 2014 ED, supplemented by the IASB’s subsequent deliberations up to, and including October 2015.
Although the IASB substantially completed its redeliberations on the presentation and disclosure requirements at its 21 October 2015 meeting, further changes to these requirements may be made during the drafting stage before the forthcoming standard is published.
Given the complexity of the new requirements, we wanted to undertake this exercise to provide insurers and reinsurers with an understanding of the level of detail and potential impacts on financial statement reporting. Additionally, new IT systems can be planned for with greater confidence, building in the new requirements and future-proofing investments.
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