IFRS 17: Scope and Unit of Account
Announcement from the EAA organiser:
This web session is suited for actuaries and accountants with knowledge about insurance products and their legal background and some understanding of accounting concepts particularly of IFRSs in general and IFRS 17.
The new comprehensive insurance accounting standard IFRS 17 is to be applied in the EU from 1 January 2023 onwards, with the transition date on 1 January 2022. The first step of applying IFRS 17 is to identify the contract in the sense of IFRS 17, its unit of account, and to determine whether it is in the scope of IFRS 17.
When applying IFRSs to contracts which potentially might qualify to be in the scope of IFRS 17, it is necessary to identify the potential unit of account under IFRS 17, as referred to as “contract” under IFRS 17, which is the basis of considering whether it is within the scope of IFRS 17. It will be discussed the considerations to be made in identifying the unit of account, starting from the legal contract, the need to combine legal contracts or separate components of a legal contract to achieve a unit which is in line with substance over form. Further, this web session will cover the exclusion of non-substantive rights or obligations, i.e. cash flows outside the current contract boundary. On that basis, the scope definition of an insurance contract and other contracts within the scope of IFRS 17, as well the scope exclusions, are applied.
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Registration: The registration is open. Please also note an important aspect: Your early-bird registration fee is € 150.00 plus 19% VAT for bookings by 24 August 2022. After this date, the fee will be € 205.00 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.