In 2017, after more than two decades of debates, outreach, and Exposure Drafts, the IASB finally published the new IFRS 17 standard for Insurance Contracts. Following additional years of further debates on several actuarial and accounting-related aspects the new standard has become effective on 1st January 2023 and fundamentally changes the way on how many insurance companies will have to present their obligations and their financial performance stemming from insurance contracts.
As evolving experience shows, actuaries play a key role in that new reporting regime: The standard requires many fundamental decisions, which determine the reporting of the amount and profile of IFRS results for years to come. Actuaries need to understand the corresponding consequences for reporting and to be able to explain it to their top-management. They also play a key role in the preparation of landmark decisions and need to closely collaborate and communicate with other functions, i.e. the accounting function.
Accordingly, a strong focus of this web session is to assist actuaries to better understand the new key reporting requirements of IFRS 17, in particular regarding the new IFRS balance sheet and statement(s) of financial performance (Profit and Loss as well as Other Comprehensive Income). The web session will be useful for both finance and actuarial experts involved in IFRS 17 implementation or simply interested in the practical application of this ground-breaking new standard.
