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KPMG Bahrain to shed light on the implication of the new IFRS on insurance companies

IFRS 17 & 9 seminar for insurance companies

During an upcoming seminar and workshop organized in collaboration with Bahrain Insurance Association.

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KPMG Bahrain Audit Partner

KPMG in Bahrain is gearing up to host an awareness seminar and workshop for insurance companies on 9th December 2019 to present the International Financial Reporting Standards (IFRS 17 “Insurance Contracts” and IFRS 9 “Financial Instruments”) that will be effective on insurance companies from 1 January 2022.

The International Accounting Standards Board (IASB) issued IFRS 17 “Insurance Contracts” in May 2017. IFRS 17 sets out the requirements a company should apply in reporting information related to insurance contracts it issues and reinsurance contracts it holds. IFRS 17 is the first comprehensive and truly international IFRS Standard establishing the accounting for insurance contracts. It provides updated information about the obligations, risks and performance of insurance contracts and it increases transparency in financial information reported by insurance companies.

Jaafar AlQubaiti, Partner and Head of Audit, at KPMG in Bahrain commented on the upcoming event: “it is the dawn of a new era. After nearly 20 years of discussion, exposure drafts and debate, the comprehensive new accounting model in IFRS 17 will give users of financial information a whole new perspective on insurers’ financial statements. The impact on individual insurance companies will be highly variable depending on their previous policies and practice, and the nature of the insurance business they contract, especially whether it is short tailed or life, but it is certain to see many and various impacts”.

He also added: “Insurance companies in Bahrain will need to start working on assessing the financial and operational impact of the new standards and educate their stakeholders to build a clear understanding of the requirements and help them to successfully embed the changes. We believe our seminar and workshop will be the ideal platforms for decision-makers and professionals in the insurance sector to learn and discuss the new standards implementation challenges.”

Yusuf Hasan, KPMG IFRS 17 Implementation Lead Partner in the MENA region and IFRS Specialist will be a keynote speaker during the event, who will also be joined by representatives from Bahrain Insurance Association and insurance companies in Bahrain.

The awareness seminar and workshop will be held at the Gulf Hotel. For registration or information, please contact KPMG in Bahrain’s events officer Khalid Seyadi by email: kseyadi@kpmg.com or by a call : +973 17 222313.

© 2020 KPMG Fakhro, a Bahrain partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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