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Transition to IFRS 17 - December 2018

Transition to IFRS 17 - December 2018

Preparing the Market for IFRS 17

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Simon Nicholas

Partner: Audit and Advisory

KPMG in the Isle of Man

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Extended implementation date for IFRS 17 and IFRS 9

What does it mean for your plans?

Following the decisions at the November IASB Board Meeting, insurers now have an additional year to implement and operationalize IFRS 17 alongside IFRS 9. Will this give you more time to focus on digitizing your finance function as well as achieving compliance with these new standards – or is the pace and extent of change still overwhelming.

To help answer the question ”how does my progress compare with my peers?,” last spring KPMG International surveyed over 160 insurers worldwide to analyze implementation approaches and technical judgments as they prepare for IFRS 17 and IFRS 9. The findings were summarized in the report In it to win it.

We heard from many insurers that this benchmarking data has been extremely valuable as they refine their plans. To continue to support you with valuable data-driven insights, we are pleased to announce the launch of the next wave of KPMG’s global benchmarking survey on IFRS 17 and IFRS 9 implementation, with a particular focus on the impact of the recent extended deadlines and on readiness for IFRS 9.

The survey is fully automated and quick to complete – on average it takes no longer than 30 minutes. All responses are confidential from informed and individually invited respondents and results will be published in aggregate. I would be more than happy to make an appointment to work through the survey with you either over the phone or face to face, which many organizations have found extremely valuable and helps us ensure high quality output.

The survey will remain open until December 19, 2018.

Complete the survey

As our previous surveys revealed, the road to implementation is not easy, navigating a scarce talent pool, challenges in systems integration and two complex standards – while continuing to drive business success in a changing world.

Much still needs to be achieved and understanding where you are compared to your global peers is important to you. We will be publishing the results in a short report planned for February 2018 and will be sure to send it to you once ready.

IFRS 17 is a complex new standard

Please join us for two upcoming webcasts:

 

1. Can you see clearly now? Analysts' views on IFRS 17 and the insurance reporting landscape in 2018.

Date: Monday 10 December 2018

Time: 9:00am (EST)/2:00pm (GMT)/3:00pm (CET)

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

Click here to register

Insurers are grappling with the myriad of technical and operational demands of implementing IFRS17, but what of the investors or users of financial information, who after all are supposed to be one of the main beneficiaries of the overhaul? How well do they understand what it means and how can insurers best prepare to open up the dialog with their investors?

To shine more light on this, KPMG has captured the thoughts of insurance analysts round the world in a report, Can you see clearly now? to be issued shortly to gauge their views on insurance accounting as it is now and what new insights they expect IFRS 17 to deliver. This explores investor expectations on opening the ‘black box’ of insurance accounting – do they really expect greater transparency, comparability and insights? As the implementation date draws nearer, do they feel that they are receiving sufficient information on the changes, both from insurers and more widely? And how can insurers prepare to communicate the value their business creates on an IFRS17 basis.

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

  • key metrics analysts look at for evaluating insurers’ financial performance
  • how analysts rate the current comparability between insurers
  • what insurers should be doing now to open up the dialog with investors and analysts.

This webcast will last approximately 60 minutes.

 

2. IFRS 17 emerging issues round up

Date: Wednesday 12 December 2018

Time: 9:00am (EST)/2:00pm (GMT)/3:00pm (CET)

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

Click here to register

KPMG ran a series of webcasts in the summer of 2017 to provide an introduction to the IFRS 17 Standard. Now, over a year on, we would like to provide a summary of the emerging issues and discussions that have taken place since its release.

This will focus on the topics discussed at the IASB’s Transition Resource Group for IFRS 17, grouped by theme covering Separation and Combination of insurance contracts, determining contract boundaries, insurance acquisition cash flows, coverage units and the risk adjustment among other topics.

Following the webcast, participants should be able to explain at a high level the TRG’s discussions on:

  • separation and combination of insurance contracts
  • determining contract boundaries: 
    • coverage units
    • the risk adjustment

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
  • Danny Clark, KPMG’s Global Lead Accounting Partner for Insurance Accounting Change
  • Ferdia Byrne, Global Insurance Actuarial Lead Partner
  • Paul Melody, Head of Actuarial, China and Asia Pacific
  • Alana Hudson, KPMG’s Global IFRS Insurance Team Manager.

Previous KPMG Insurance IFRS 17 series

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