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IFRS Insurance Webcasts 2 June 2020 – Save the date!

Published on 20 May 2020 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu

On 23 April 2020 IASB meeting, the Staff provided the IASB with an oral update on the progress of the balloting process of the Amendments to IFRS 17 and on other activities to support the implementation of IFRS 17.

At its meeting on 20 May 2020, the IASB discussed the following sweep issues identified during the balloting process:

  • Accounting for pre-recognition cash flows other than insurance acquisition cash flows
  • Use of a systematic and rational allocation method when determining the amount of recovery of losses from reinsurance contracts held
  • Inclusion of a separate line item within the analysis of insurance revenue for amounts related to income tax specifically chargeable to policyholders
  • Broader definitions for the liability for remaining coverage and the liability for incurred claims
  • Applying together the OCI option and the risk mitigation option for contracts applying variable fee approach
  • Amendment to paragraph B96(c) to clarify the treatment of the effects of investment components unexpectedly paid or unexpectedly unpaid
  • Treatment of assets and liabilities for cash flows related to a group of insurance contracts recognised before the group is recognised

In addition, the IASB has published on 28 April 2020 an article by the IASB Chair Hans Hoogervorst explaining the rationale behind the IASB’s decision to retain unchanged the annual cohort requirements in IFRS 17.

Please join us on 2 June 2020 when Francesco Nagari, Deloitte's Global IFRS Insurance Leader, will talk about the outcomes from the recent IASB's discussions and decisions. At the end of the webcasts, participants are invited to join in live Q&A sessions. Please contact Wayne Lui wlui@deloitte.com.hk to request joining details. The webcasts will be available live at the following times:

Asia Pacific: 1.00 p.m. HKT (UTC+8)

Europe, Middle East and Africa (EMEA): 9.00 a.m. BST (UTC+1) | 4.00 p.m. HKT (UTC+8)

The Americas: 10.00 a.m. EDT (UTC-4) | 3.00 p.m. BST (UTC+1)

To subscribe to the IFRS Insurance Webcast series, please contact us.

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