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 will become effective on 1st January 2023 and fundamentally change 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 will play a key role in that new reporting regime: The standard will require many fundamental decisions, which will determine the reporting of the amount and profile of IFRS results for years to come. Actuaries will need to understand the corresponding consequences for reporting and to be able to explain it to their top-management. They will also play a key role in the preparation of landmark decisions and will 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.