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IFRS 17 - Insurance Contracts

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paul young cpa, cga
paul young cpa, cga

The effective date for IFRS 17 is now 2021. The new effective date will mean companies could start planning for the change in 2018 as part of being ready for the new standard by 2021.

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Click to add text © 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: May 16, 2017
© 2012 IBM Corporation Author / Bio September 9, 2014 • Paul Young, CPA, CGA • SME – Financial Performance Management (TM1, Cognos Controller and Cognos Disclosure Management, OpenPages, Algorithmics, Cognos Integrated Server, Cognos Command Center and Datawatch) • Industry Experience • 15+ years in Corporate Reporting, Budget & Forecasting, Costing, Business Process Management, Internal Audit and Controls, Risk Management, Financial Analysis, Costing • 11+ years in financial solutions (FOPM, FPM, Risk, Office of the Finance, Risk Management) • 8+ years teaching Advance Finance, Advance Accounting, Public Finance and Advance Management Information Systems • Blogger in areas like Finance Analysis, Government policies, market segment
© 2012 IBM Corporation • What is IFRS 17 • Impact of IFRS 17 • Look at the reporting requirement • Issues at hand • Solutions for IFRS 17 Agenda
© 2012 IBM Corporation What is IFRS 17 September 9, 2014 IFRS 17 is a forthcoming International Financial Reporting Standard that is anticipated to be released in the first half 2017. It is intended to replace IFRS 4 on accounting for insurance contracts and has an expected effective date of 1 January 2021.
© 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
© 2012 IBM Corporation Financial Statements / Earned Premium Approach Source - http://zanders.eu/en/latest-insights/ifrs-17-insurance-contracts/ September 9, 2014
© 2012 IBM Corporation Financial Statements / Insurance Contract Revenue Source - http://zanders.eu/en/latest-insights/ifrs-17-insurance-contracts/ September 9, 2014
© 2012 IBM Corporation Financial Statements / Insurance Contract Expenses Source - http://zanders.eu/en/latest-insights/ifrs-17-insurance-contracts/ September 9, 2014
© 2012 IBM Corporation Issues at hand Effective Date – 2021 • Many insurance companies will start planning way before 2021 date like 2019 time frame • IT systems will need to be revamped to handle the changes September 9, 2014
© 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 September 9, 2014

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IFRS 17 - Insurance Contracts

  • 1. Click to add text © 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: May 16, 2017
  • 2. © 2012 IBM Corporation Author / Bio September 9, 2014 • Paul Young, CPA, CGA • SME – Financial Performance Management (TM1, Cognos Controller and Cognos Disclosure Management, OpenPages, Algorithmics, Cognos Integrated Server, Cognos Command Center and Datawatch) • Industry Experience • 15+ years in Corporate Reporting, Budget & Forecasting, Costing, Business Process Management, Internal Audit and Controls, Risk Management, Financial Analysis, Costing • 11+ years in financial solutions (FOPM, FPM, Risk, Office of the Finance, Risk Management) • 8+ years teaching Advance Finance, Advance Accounting, Public Finance and Advance Management Information Systems • Blogger in areas like Finance Analysis, Government policies, market segment
  • 3. © 2012 IBM Corporation • 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 What is IFRS 17 September 9, 2014 IFRS 17 is a forthcoming International Financial Reporting Standard that is anticipated to be released in the first half 2017. It is intended to replace IFRS 4 on accounting for insurance contracts and has an expected effective date of 1 January 2021.
  • 5. © 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
  • 6. © 2012 IBM Corporation Financial Statements / Earned Premium Approach Source - http://zanders.eu/en/latest-insights/ifrs-17-insurance-contracts/ September 9, 2014
  • 7. © 2012 IBM Corporation Financial Statements / Insurance Contract Revenue Source - http://zanders.eu/en/latest-insights/ifrs-17-insurance-contracts/ September 9, 2014
  • 8. © 2012 IBM Corporation Financial Statements / Insurance Contract Expenses Source - http://zanders.eu/en/latest-insights/ifrs-17-insurance-contracts/ September 9, 2014
  • 9. © 2012 IBM Corporation Issues at hand Effective Date – 2021 • Many insurance companies will start planning way before 2021 date like 2019 time frame • IT systems will need to be revamped to handle the changes 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 September 9, 2014

Editor's Notes

  1. 1