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Given the challenges presented by COVID-19, insurers want to make sure that their IFRS 17 implementation programs are focused and efficient. One of the best ways insurers can bring IFRS 17 to life quickly is through the lens of the new look financial statements that insurers will need to produce.

Therefore, to help you and other insurers accelerate their implementation of IFRS 17, KPMG’s Illustrative disclosures for insurers has been updated to reflect both the amendments to IFRS 17 and the other changes to IFRS, since these were first issued in 2018.

A webcast discussing what’s new and how insurers can link IFRS 17’s disclosure requirements with their KPIs and performance management is being offered. See below for details.

Webcast: Understanding the presentation and disclosure requirements of IFRS 17

The International Accounting Standards Board (the Board) issued Amendments to IFRS 17 on 25 June 2020, confirming the changes to the standard, including a 1 January 2023 effective date.

This webcast will summarize the impact for insurers’ financial statements, suggest activities that insurers should be doing now to link their KPIs, planning and forecasting and how insurers can run their business with their new look financial statements.

Many questions about the steps being undertaken by EFRAG to develop its endorsement advice on the use of IFRS 17 in the European Union have come up. Mark Vaessen, EFRAG Board Member and partner with KPMG in the Netherlands, where he heads the Department of Professional Practice, will be joining the webcast to provide perspective.

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

  • The presentation and disclosure requirements of IFRS 17 Insurance Contracts and other relevant developments in IFRS.
  • How to link the KPIs they use to run their business with their new look financial statements.
  • EFRAG’s activities leading up to its endorsement advice on IFRS 17.

This webcast will last approximately 90 minutes. It will be recorded and a link circulated for those unable to attend.

We have two options for the webcast. When registering, please select the best option for you based on your time zone.

Option 1: EMA/Americas

  • Date: Wednesday 30 September 2020
  • Time: 8:00am (EDT)/1:00pm (BST)/2:00pm (CEST)

Option 2: ASPAC

  • Date: Thursday 1 October 2020
  • Time: 8:00am (HKT)/9:00am (JST)/ 10:00am (AEST)

KPMG presenters:

  • Mary Trussell, Global Insurance Accounting Change Lead Partner, KPMG International
  • Joachim Kölschbach, KPMG’s Global Leader for IFRS for Insurance, KPMG in Germany
  • Mark Vassen, Partner KPMG in the Netherlands and EFRAG Board member
  • Bob Owel, Director, KPMG International Standards Group
  • Albert Chai, Associate Director, KPMG in China

KPMG member firms’ approach to implementing IFRS 17 and IFRS 9 is distinctive, recognising that this is more than just a technical accounting and actuarial issue, providing the opportunity for insurers to streamline their processes and ensure clear and concise communication to shareholders, investors and other key stakeholders.

Please click here to register for the webcast

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