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June 2017

PwC: IFRS 17 marks a new epoch for insurance contract accounting

    PwC | June 30, 2017

    In May 2017, the International Accounting Standards Board (IASB) issued IFRS 17, ‘Insurance Contracts’, and thereby started a new epoch of accounting for insurers. Whereas the current standard, IFRS 4, allows insurers to use their local GAAP, IFRS 17 defines clear and consistent rules that will significantly increase the comparability of financial statements. For insurers, the transition to IFRS 17 will have an impact on financial statements and on key performance indicators.Read More »PwC: IFRS 17 marks a new epoch for insurance contract accounting

    Scope of IFRS 17

      IASB | June 22, 2017

      A recorded webinar is available introducing the recently issued IFRS 17 Insurance Contracts by considering the scope of the Standard. The webinar presenters are Joanna Yeoh and Andrea Pryde, insurance contracts team members.Read More »Scope of IFRS 17

      Milliman: Transition to IFRS 17

        Milliman | June 19, 2017

        The transition to IFRS 17 involves significant changes in the measurement and presentation of insurance contract liabilities. This paper discusses the possible approaches to transition and the main challenges that (re)insurers will face during the transition to IFRS 17. Careful steps are needed to be well-prepared for this important accounting policy change.Read More »Milliman: Transition to IFRS 17

        APAC IFRS 17 webcast – Implementation challenges and opportunities for insurers in Asia-Pacific

          EY | June 16, 2017

          Ernst & Young gave an IFRS 17 webcast on 13 June 2017. During the webcast Conor Geraghty, Practice Fellow at the IASB, and experienced EY specialists shared the basic principles of the new standard and explained the key differences with the old standard, including the significant impacts on presentation and disclosures in the new financial statements, plus potential implications for reporting metrics and business value drivers. The webcast also explored some of the key implementation challenges and opportunities for Asia-Pacific insurers.Read More »APAC IFRS 17 webcast – Implementation challenges and opportunities for insurers in Asia-Pacific