After almost 20 years of debates, outreach and Exposure Drafts, the IASB has finally published the new IFRS 17 standard for Insurance Contracts in 2017. The new standard will become effective on 1 January 2022 and will fundamentally change the way insurance companies present their obligations and their financial performance stemming from insurance contracts. Consequently, IFRS 17 has triggered major implementation projects at all insurance and reinsurance 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 need to explain the decisions, as well as their impact on the valuation and corresponding consequences on the financial statements, to their top-management and therefore be key to the preparation of landmark decisions.
Complex measurement models will need to be developed, 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 under fast-close requirements. Close collaboration and communication with accounting functions will become more intense and more complex – as will be the modelled output.
Accordingly, a strong focus of this seminar lies on the accounting framework in which actuaries operate. It will address the specifics of all relevant insurance lines of business and highlight key conceptual topics and options the standard offers for implementation. It will refer to the transition period as well. The seminar will be useful for both finance and actuarial experts who are involved in IFRS 17 implementation or who are simply interested in the practical application of this ground-breaking new standard.
Organised by the EAA – European Actuarial Academy GmbH in cooperation with the Magyar Aktuárius Társaság.