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Transition to IFRS 17 - March 2019

Transition to IFRS 17 - March 2019

Preparing the Market for IFRS 17

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Brian Morrissey

Head of Insurance & Actuarial

KPMG in Ireland

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Webcast: IFRS 17 proposed amendments and next steps

To help you navigate the changes to IFRS 17 proposed by the International Accounting Standards Board and use the opportunity to drive and maximize value from these proposed changes, we invite you to register for our upcoming webcast.

We have two options for the webcast which can be seen upon registration. Option 1, which is at 1:00pm GMT, is the most suitable time for Irish based (re)insurers, so please select this option.

Option 1: Europe
Date: Wednesday 27 March 2019
Time: 1:00pm (GMT)

Option 2: ASPAC
Date: Thursday 28 March 2019
Time: 9:00am (HKT/CST)/12:00pm (AEDT)/10:00am (JST)

Please note: the webcast will be recorded and a link circulated for those unable to attend the live webcast.

Register your attendance

The International Accounting Standards Board (the IASB) has proposed certain amendments to IFRS 17 addressing some of the concerns and implementation challenges raised to them.

This webcast will summarize the proposed amendments to IFRS 17 and suggested activities that insurers should consider taking as a result and how best to make use of the countdown to 2022.

Additionally, we are very pleased to welcome a guest speaker:
Mark Vaessen, a partner with KPMG in the Netherlands, where he heads the Department of Professional Practice and a board member of EFRAG, who will provide a brief update on EFRAG activities and forthcoming deliberations on IFRS 17.

Following the webcast, participants should be able to explain at a high level:

  • The IASB’s proposed amendments to IFRS 17
  • Potential implications of the proposed amendments for insurers and suggested activities to maximize the opportunity and derive value from the proposed changes
  • EFRAG’s activities and forthcoming deliberations on IFRS 17.

This webcast will last approximately 90 minutes.

KPMG presenters

  • Mary Trussell, Global Insurance Accounting Change Lead Partner, KPMG International
  • Joachim Kölschbach, KPMG’s Global Lead Partner for IFRS for Insurance
  • Mark Vaessen, KPMG in the (RC) Netherlands Partner and EFRAG Board Member
  • Brid Meaney, Partner, KPMG in Hong Kong (SAR) (RC)

Update from IASB March board meeting

A further three tentative amendments to IFRS 17 Insurance Contracts emerged from the International Accounting Standards Board’s (the Board) March 2019 meeting.

In total, four topics were discussed at the meeting, meaning that all 25 of the stakeholder concerns and implementation challenges the Board agreed to explore have now been covered.

The Board tentatively decided to propose amendments to IFRS 17 in three areas.

  • Scope exclusion for some credit cards that provide insurance coverage.
  • Amending the transition requirements for the risk mitigation option and loans that transfer significant insurance risk.
  • Amending the disclosure requirements regarding insurance acquisition cash flows and contractual service margin (CSM) allocation.

Previous KPMG Insurance IFRS 17 series

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