Society of Actuaries published Textbook – International Financial Reporting for Insurers
Published on 31 March 2020
On 31 March 2020, the Society of Actuaries (SOA) and the Financial Reporting Section (FRS) announced the publication of International Financial Reporting for Insurers (IFRI), which is available for purchase in its bookstore https://publications.soa.org. This resource is a collaborative effort between actuaries and accountants to help understand the financial reporting concepts of International Financial Reporting Standard (IFRS®) 17 Insurance Contracts, issued in May 2017 by the International Accounting Standards Board (IASB®).
According to the SOA, IFRI offers a comprehensive analysis that focuses on not just the insurance contract but also on accounting for the entire insurance entity. To keep up on the latest developments, the SOA offers the material as an eBook and will include free updates on upcoming amendments. With 400 pages of material plus product-specific workbooks, the eBook’s responsive format means readers can access the material at any time and on any device.
Furthermore, the SOA explains that while the book covers complex material, it does so in an accessible format specifically for those in the insurance industry. IFRI kicks off with an introduction of the IASB and insurance contract accounting, followed by an in-depth look at risk management and the classification of insurance contracts. The book includes details on the general model for the measurement of liabilities for insurance contracts as well as models for participating contracts. IFRI examines General Measurement Model and the Premium Allocation Approach as noted by the IASB. It includes material on financial assets and liabilities, fair value measurements, reinsurance contracts, income taxes, contract transfers, and other core areas as part of the financial reporting process.
The SOA IFRI textbook features 3 Deloitte authors: Darryl Wagner, Rajiv Basu and Mark Yoest in addition to many Deloitte contributors including Francesco Nagari, Deloitte’s Global IFRS Insurance Leader.