KPMG provides actuarial services to businesses of all sizes (from small domestic to large multinationals) to deal with actuarial issues and challenges arising from the volatile financial and regulatory environment.
Adoption of International Financial Reporting Standard 17
Given the need for insurance companies to comply with the new IFRS 17 accounting standard, it is necessary to assess the current situation in order to identify possible gaps between current practices and the new accounting standard, and plan the roadmap with required actions. In this context, KPMG can support you in the following areas:
- Gap analysis in actuarial concepts and models
- Analysis of grouping/ separation /granularity
- Update and/or design of the actuarial models
- Identify data requirements and document the actuarial technical specifications
- Qualitative and quantitative impact assessment
Valuation of Employee Benefits according to IAS 19
All companies that publish financial information in accordance with International Financial Reporting Standards (IFRSs) are required to calculate their liabilities to employees using an actuarial valuation. IAS 19 dictates how various types of employee benefits are valued and how they are presented in the financial statements. The same approach is followed in case of different reporting standards.
KPMG can support you in:
- Valuation of the employee benefits pension plan according to current legislation
- Valuation of Pension Funds and Other Pension Plans (DAFs)
- Accounting disclosures