After almost 20 years of debates, outreach and Exposure Drafts, the IASB has finally published IFRS 17 Insurance Contracts. The new standard will become effective as early as 1.1.2021 and will fundamentally change the way insurance companies present their obligations and their financial performance stemming from insurance contracts. Consequently, IFRS 17 will trigger major implementation projects at all companies affected – and no company can afford to waste time!
Actuaries will play a key role in implementing the new guidance: First, the standard will require many fundamental decisions, which will determine the amount and profile of IFRS results for years to come. Actuaries will be key to prepare decision making by top-management by explaining the options and their consequences. Also, complex measurement models will need to be developed, possibly starting with prototypes providing a starting point for an impact analysis and then gradually developed into audit proof applications.
The output of these models will need to be integrated in the financial reporting processes. Communication with accounting functions will become more intense and more complex – as will be the modelled output.
Accordingly, a strong focus of this seminar is on the accounting framework in which actuaries operate. Past editions of the seminar have been attended and considered useful by both finance and actuarial experts.
Organised by the EAA – European Actuarial Academy GmbH in cooperation with the Instituto dos Actuários Portugueses.