Deloitte announcement on IFRS17
On 18 May 2017 the International Accounting Standards Board (IASB) published IFRS 17 Insurance Contracts. The effective date for IFRS 17 is set for 1 January 2021.
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Save the date! A summary of May's IFRS 17 TRG Meeting – Wednesday 9 May
Join us on Wednesday, 9 May, for our next live webcast summarizing the outcomes of the IFRS 17 Transition Resource Group's second meeting. During the meeting, which was held on 2 May, the TRG discussed six key papers relating to:
- Combination of insurance contracts;
- Cash flows within the contract boundary;
Boundaryof reinsurance contracts held with repricing mechanisms;
quantityof benefits for identifying coverage units;
- Risk adjustment in a group of entities; and
- Implementation challenges outreach report.
The IASB Staff also reported on other implementation questions submitted but not tabled for detailed TRG discussion.
On Wednesday, 9 May, Francesco Nagari, Deloitte's Global IFRS Insurance Leader and a member of the IFRS 17 TRG, will summarize the outcomes of the TRG's discussions. At the end of the webcast, participants are invited to join in a live Q&A session.
The webcast will be broadcast live at the following times:
- Asia Pacific: 1.00 p.m. HKT
- Europe, Middle East and Africa (EMEA): 9.30 a.m. (BST) | 4.30 p.m. (HKT)
- The Americas: 9.30 a.m. (EDT) | 2.30 p.m. (BST)
The influence of IFRS 17 on reward KPIs
What is the relationship between IFRS 17 and reward KPIs? How should the insurance industry approach changes on reward KPIs that are expected as a result of the implementation IFRS 17? What is the expected impact of such changes on the executive Total Reward design?
This webcast discusses:
- The relationship between IFRS 17 and reward KPIs;
- Which KPIs are affected and how they will change;
- Broader effects of IFRS 17 on reward KPIs; and
- An exemplary project plan in implementing the necessary changes.
Simon Walpole and Peter Devlin share their views on possible ways of addressing the challenges that IFRS 17 creates around the design of Total Rewards by creating customized solutions that integrate with the requirements of IFRS 17.
IFRS 17 Transition Resource Group Meeting highlights
14 February 2018
On 21 September 2017, the International Accounting Standards Board appointed the members of the IFRS 17 Transition Resource Group (TRG). Our latest webcast looked at the outcomes of the TRG's first meeting that took place on 6 February
- The separation of insurance components of a single contract;
- The contract boundary of contracts with annual repricing mechanisms;
- The contract boundary of reinsurance contracts held;
- Insurance acquisition cash flows paid on an initially written contract;
the quantity ofbenefits for identifying coverage units;
- Insurance acquisition cash flows when using fair value transition; and
- Issues that while they were raised by stakeholders' submissions, could be resolved by IASB Staff without a full paper for discussion at the TRG meeting.
Read more about the TRG's meeting in 'IFRS in Focus' on IAS Plus.
What are the key challenges facing insurance companies currently
This webcast discusses:
- The overview of the current insurance data environment from a finance and actuarial perspective;
- The new era of insurance financial reporting heralded by IFRS 17; and
- The impact of IFRS 17 on data and systems.
Francesco Nagari and Richard Marshall share their views on possible ways of addressing the IFRS 17 challenges around data management and on the range of solutions available to insurance companies to enhance their data integration and automation.