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 IASB met on Tuesday 19 January to continue its deliberations on the new IFRS for insurance contracts. At this meeting, the issues surrounding the accounting of those contracts referred to as “indirect participating contracts” were brought back to the table after the IASB failed to agree on their accounting last November. In addition, the IASB discussed the guidance on the level of aggregation that the new IFRS should require for the accounting of the expected profit captured in the Contractual Service Margin element of an insurance liability.
The IASB Staff has also prepared a number of papers to prepare the IASB for the ballot vote on the publication of the new IFRS at their meeting in February.
Please join us on Tuesday 26 January for our next IFRS Insurance Webcast at which Francesco Nagari will provide a summary of the discussions from the meeting. Please contact us to request joining details.
IFRS Insurance Webcast – 12 January 2016
Our latest IFRS Insurance Webcast, hosted by Francesco Nagari, Deloitte's Global IFRS Insurance Leader, covered the IASB exposure draft published on 9 December 2015 to amend IFRS 4 Insurance Contracts to address the impact of implementing IFRS 9 Financial Instruments ahead of the date when IFRS 4 will be replaced by the new IFRS on insurance contracts that the IASB is expecting to publish later in 2016. During the periods that follow the adoption of IFRS 9 and ahead of the adoption of the new IFRS on insurance contracts there will be new accounting mismatches in profit of loss that will be resolved when both standards are in place. To address the temporary consequences of the different effective dates the IASB proposes a deferral approach and an overlay approach. The Webcast explains what these approaches are and why they may be important to insurance companies.
Please watch the video below or download the slides.