United States

Property & Casualty insurers prepare to report under IFRS 17

Thursday April 06, 2017 9:00 AM - 10:00 AM EDT
From IFRS Institute

KPMG IFRS Institute

Event Overview

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The International Accounting Standards Board’s (IASB) insurance contracts standard, IFRS 17, will include the option to use a ‘simplified’ accounting model for certain eligible contracts. This model, called the Premium Allocation Approach (PAA), is expected to be widely used by property and casualty (P&C) insurers.

The PAA is intended to be simpler to apply than the standard’s general measurement model and may appear similar to current non-life accounting in some jurisdictions. However, while it might seem at first that little is changing, a look below the surface reveals a number of challenges arising for insurers expecting to apply the PAA.

In the fourth of our webcast series – Property and Casualty insurers prepare to report under IFRS 17 - we will explore how the PAA works in practice and consider some of the financial implications by going through a few illustrative examples.

Following this webcast, participants will be able to explain:

— the high level financial implications of applying the PAA

— key challenges associated with operationalizing the PAA, including evaluating a contract’s eligibility for the PAA

Dates and times:

Date: 6 Thursday April 2017 (live)

Time: 9:00am EDT/2:00pm BST/3:00pm CET

Date: 7 Friday April 2017 (on demand)

Time: 9:00am HK/11:00am Sydney

We look forward to having you join this session.

 

Scott Guse

Partner and ASPAC Head of Insurance Accounting, KPMG Australia

Pierre Lepage

Partner and Business Leader, Property and Casualty Actuarial KPMG in Canada

Nathan Patten

Partner, KPMG in the UK