EAA Web Session: Understanding IFRS 17
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. After additional three years of further debates on several actuarial and accounting-related aspects of the implementation, the IASB issued amendments to IFRS 17 on 25 June 2020, which included a postponed effective date of IFRS 17 by two years to allow for an orderly adoption and at the same time to enable more insurers to implement the new IFRS 17. The new standard is now effective since 1 January 2023 and changed fundamentally the way insurance companies present their obligations and their financial performance stemming from insurance contracts according to IFRS.
As evolving experience shows, actuaries play a key role in this area. The standard requires many fundamental decisions, which determines the amount and profile of IFRS results for years to come. Complex measurement models have been developed and the collaboration and communication with accounting functions has become more intense and more complex. Actuaries need to explain the actuarial valuation output as well as the impact of applied accounting decisions and the corresponding consequences for the financial statements to their top-management.
Accordingly, a strong focus of this web session lies on the accounting framework in which actuaries operate. It addresses the specifics of all relevant insurance lines of business and highlights key conceptual topics and options the standard offers for implementation. It will also address the impact on transition, which will often affect the financial statements for years to come. 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.
Click here to register. The early-bird registration fee for attendees with an EU company billing address (excluding German company billing addresses) is € 900.00 net (reverse charge) for bookings by 27 March 2025. After this date, the fee will be € 1,150.00 net (reverse charge).
Click here. (Note: timing via that link is in CEST [Central European Summer Time].)
Carsten Horst is a Partner at PricewaterhouseCoopers GmbH WPG. He is responsible for the Life Actuarial Risk Modelling Services and covers PwC Germany’s IFRS17 actuarial activities with focus on the valuation and accounting of all (re-)insurance business. Carsten has more than 17 years of experience in consulting and audit. Topic-wise his focus lies on primary life insurance as well as on life and health (re-)insurance, risk management and regulatory topics in this area. Recently his consulting activities are mainly focussing on finance transformation topics around IFRS and Solvency II. Carsten is a qualified Actuary DAV, a member of the Accounting and Regulation Committee as well as a member of the IFRS working group of the German Actuarial Association (DAV). He is responsible for several PwC engagements regarding the implementation of IFRS 17.
Lars Oehlmann is a Senior Manager within the Actuarial 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 IFRS 17 projects and assurance 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.