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IFRS 17 - Accounting for Insurance Contracts - Solutions
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© 2014 IBM Corporation
IFRS 17 – Insurance Contracts
Presenter: Paul Young, CPA, CGA – Proven Practice Adviser – Risk
Analytics, FOPM/FPM and Close, Consolidate and Reporting
Day: March 27, 2018
- 2. © 2012 IBM Corporation
Author / Bio
September 9,
2014
• CPA, CGA
• Financial Solutions
• Hybrid Cloud
• Modeling
• Security
• Data Connection
• Reporting
• Proof of Concepts
• Migrations
• Automation
Paul.Young@ca.ibm.com
- 3. © 2012 IBM Corporation
• Introductory
• What is IFRS 17
• Impact of IFRS 17
• Look at the reporting requirement
• Issues at hand
• Solutions for IFRS 17
Agenda
- 4. © 2012 IBM Corporation
Introductory
• Any major standards will require detail planning. This presentation discusses IFRS17
which will be in full force by 2021.
• 2021 may seen a long way off, but it will take companies a few years to align their
processes to meet the new standard.
September 9,
2014
- 5. © 2012 IBM Corporation
What is IFRS 17
September 9,
2014
https://home.kpmg.com/xx/en/home/insights/2017/05/in
surance-contracts-new-standard-first-impressions-ifrs17-
ifrs4-180517.html
- 6. © 2012 IBM Corporation
What is the impact of IFRS 17
https://www.pwc.com/ca/en/industries/insurance/ifrs17.html
September 9,
2014
PWC – April 26, 2017
- 7. © 2012 IBM Corporation
Financial Statements / Earned Premium Approach
Source - http://zanders.eu/en/latest-insights/ifrs-17-insurance-contracts/
September 9,
2014
- 8. © 2012 IBM Corporation
Financial Statements / Insurance Contract Revenue
Source - http://zanders.eu/en/latest-insights/ifrs-17-insurance-contracts/
September 9,
2014
- 9. © 2012 IBM Corporation
Financial Statements / Insurance Contract Expenses
Source - http://zanders.eu/en/latest-insights/ifrs-17-insurance-contracts/
September 9,
2014
- 10. © 2012 IBM Corporation
Where does IBM Fit into IFRS 17
• Artificial Intelligence – Watson Analytics - https://www.ibm.com/ca-
en/marketplace/watson-analytics
• Streamlining Reporting – Cognos Disclosure Management -
https://www.ibm.com/ca-en/marketplace/finance-reporting-and-process-
automation
• Planning Analytics - https://www.ibm.com/products/planning-analytics
• Cognos Analytics -
https://www.ibm.com/support/knowledgecenter/en/SSEP7J_11.0.0/com.i
bm.swg.ba.cognos.wig_cr.doc/c_gtstd_ica_overview.html
September 9,
2014