Insurance IFRS Webcasts
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The IFRS Insurance webcasts, hosted by Francesco Nagari, Global IFRS Insurance Leader, provide highlights and analysis from discussions at the IASB meetings.
The International Accounting Standards Board (IASB) published a new standard, IFRS 17 Insurance Contracts, on Thursday 18 May. IFRS 17 will drive a once in a lifetime regulatory change in insurance accounting.
With an effective date of 1 January 2021, insurance companies in over 120 countries where IFRS is the chosen regulation when companies report to shareholders, will now have three and a half years to implement IFRS 17. How will the new requirements impact your business?
To implement IFRS 17, insurance companies will need to make major changes to their actuarial and finance reporting processes, systems and data. The key task for insurers right now is to make the appropriate implementation decisions.
Watch March's Webcast
The IASB met on Wednesday, 22 February to address findings from the external editorial review of the draft IFRS 17 Standard. During the meeting, the Board discussed three papers relating to 38 final sweep issues including an exemption for the grouping of insurance contracts when pricing is affected by regulatory constraints, the accounting for changes in the CSM, another 29 issues where they approved further guidance or clarification with and 9 sweep issues for which the decision was to make no changes to the draft IFRS on insurance contracts.
Our Webcast on Thursday 2 March summarized the highlights from the meeting and the outcomes of the IASB's discussions.
To subscribe to the IFRS Insurance Webcast series, please contact us.