EAA Web Session: "How to Read the IFRS Balance Sheet for Insurers"

Einleitung/Dauer

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 changed the way on how many insurance companies present their obligations and their financial performance stemming from insurance contracts.

As 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 key reporting requirements of IFRS 17, in particular regarding the 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 reporting and analysis or simply interested in the practical application of this ground-breaking new standard.

Vorgehensweise und Ziele

The goal of this three-hour web session is to provide participants with a comprehensive introduction on the IFRS reporting requirements for insurance contracts after go-live of IFRS 17. Focus will be the illustration of the reporting requirements of IFRS 17 to “demystify” the new presentation requirements on the IFRS balance sheet and the statement(s) of financial performance (Profit and Loss as well as Other Comprehensive Income). The web session will also briefly compare key aspects of the reporting requirements to former IFRS 4-reporting practice, contain a brief summary of the main information which can be found within the IFRS 17 reporting and cover the different aspects for primary and reinsurance related business.

Overall, the goal is to enable participants to understand the IFRS 17 reporting and help transferring the reporting requirements into the specific situation of the participant. It is thus intended to prepare participants for analysing, testing, reviewing, and consulting with management, accounting, and auditors.

Teilnehmer

This web session is suited for all individuals interested or involved in financial reporting according to IFRS, such as actuaries (or specialised accountants and controllers with a quantitative background) involved in valuation, controlling, auditing, and consulting.

Participants are expected to have general accounting and actuarial knowledge.

Technical Requirements
Please check with your IT department if your firewall and computer settings support web session participation (the programme Zoom will be used for this online training). Please also make sure to join the web session with a stable internet connection.

Dozierende

Lars Oehlmann is a Senior Manager within the Actuarial Risk Modelling Services Team of PricewaterhouseCoopers GmbH WPG focusing on topics regarding the valuation and accounting of life insurance business. He has nine years of experience working in consulting and audit projects, including several large globally operating insurance groups. Lars is a qualified Actuary DAV and has extensive IFRS 17 experience due to ongoing and past IFRS 17 engagements. In addition, he is engaged in several actuarial audits of large global insurance groups as well as in consulting projects regarding actuarial models and actuarial review.

Sprache/Kurztitel

The language of the web session will be English.