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Dear Giampaolo
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 an additional three
years of further debates on several actuarial and
accounting-related aspects of the implementation, contributed by
various stakeholders, the IASB issued amendments to IFRS 17 on June
25th 2020 - with the aim of assisting companies in implementing
IFRS 17 and making it easier for them to explain their financial
performance. To allow for an orderly adoption and at the same to
enable more insurers to implement the new IFRS 17, the IASB has
postponed the effective date of IFRS 17 by two years. The new
standard will now become effective soon, on 1st January 2023 and
will fundamentally change the way insurance companies present their
obligations and their financial performance stemming from insurance
contracts.
As evolving experience shows, actuaries will play a key role in
implementing the new guidance: The standard will require many
fundamental decisions, which will determine the amount and profile
of IFRS results for years to come. Actuaries will need to explain
the decisions as well as their impact on valuation and the
corresponding consequences for the financial statements to their
top-management and will therefore play a key role in the
preparation of landmark decisions.
Complex measurement models will need to be developed, starting
with prototypes, providing a starting point for an impact analysis,
and will then gradually evolve into audit proof applications. The
output of these models will need to be integrated in the financial
reporting processes under fast-close requirements. Close
collaboration and communication with accounting functions will
become more intense and more complex - as will be the modelled
output.
Accordingly, a strong focus of this web session lies on the
accounting framework in which actuaries operate. It will address
the specifics of all relevant insurance lines of business and
highlight key conceptual topics and options the standard offers for
implementation. It will also address the transition period. 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.
Your early-bird registration fee is € 600.00 plus 19% VAT for
bookings by 7 April 2022. After this date, the fee will be € 780.00
plus 19% VAT.
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