IFRS 17: Investment Components and Other Non-Service Payments
Announcement from the EAA organiser:
The IASB issued 2017 the new comprehensive insurance accounting standard IFRS 17, with amendments issued in 2020. In line with IFRS 9, IFRS 17 does not permit to present receipts and repayments of deposits, in IFRS 17 referred to as investment components, in P&L. In general, all payments which do not represent the provision of services are excluded from presentation in P&L. The identification of such payments requires judgment and the proper exclusion of those amounts from P&L is a challenge for the accounting systems.
The needed identification of cash flows not related to services introduces new considerations in the accounting process. Those will be discussed and approaches to achieve an adequate reflection in presentation. That does not only apply to contracts with savings elements, as in life insurance. As well non-life insurance contracts and reinsurance contracts often contain investment components and premium refunds. Examples from those areas will also be presented and discussed.
The web session is suited for actuaries and accountants with good knowledge of the measurement approaches of IFRS 17. The background knowledge is necessary since there will be no time to introduce those concepts.
Technical Requirements
Please check with your IT department if your firewall and computer settings support web session participation (the programme Zoom is used for this online training). Please also make sure that you are joining the web session with a stable internet connection.
Your early-bird registration fee is € 100.00 plus 19% VAT for bookings by 30 March 2022. After this date, the fee will be € 140.00 plus 19% VAT.
Stefan accompanied the IASB insurance project from 1998 onwards at the DAV, IAA and KPMG. Since 2000, Stefan is responsible in KPMG for actuarial issues of IFRS insurance accounting. He is member of the Insurance Accounting Committee of the IAA.