How to Read the New IFRS Balance Sheet for Insurers

Announcement from the EAA organiser:

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 now become effective very soon, on 1st January 2023 and will 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.

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.

The goal of the two hours web session is to provide participants with a comprehensive introduction on the new IFRS reporting requirements for insurance contracts after go-live of IFRS 17. Focus will be the illustration of the new 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 new reporting requirements to today’s IFRS 4-reporting practice, contain a brief summary of the main information which can be found within the new 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 implementation, testing, reviewing and consulting with management, accounting and auditors.

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).

The early-bird registration fee is € 100.00 plus 19% VAT for bookings by 12 May 2022. After this date, the fee will be € 140.00 plus 19% VAT. Click here to register.