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Focus On

IFRS 17

IFRS 17 is a new accounting standard, that even though it addresses the same scope as the previous norm will have major effects in terms of transparency and comparability. On top introducing a whole new set of concepts and operational practices in the insurance world, those effects will be compounded by the introduction of IFRS 9 and the need for far reaching disclosures.

OUR TAKE ON THE KEY CHALLENGES

  • Methodological challenges : On top of the need for different approaches (BBA, VA, PPA), the sheer complexity of the RA & CSM calculations will require key decisions.
  • Volumes & Architecture : The level of calculations’ detail (cohort, contract, unit of exposure) and the number of entities involved warrant a review of the IT environment for robustness.
  • Data Governance : The need for auditability, accuracy and completeness of data requires the setup of a new data governance.
  • Processes : Short closing periods and need for seamless collaboration across departments are a key challenge.
  • Reporting and Disclosures.

WHAT WE DO

Thanks to our broad expertise in those areas our approach is based on maximum reuse of the existing data flows, repositories, procedures and internal knowledge. We do not consider IFRS 17 as a standalone project on top of existing frameworks.

RELATED CONTENT

  • Bringing Data Governance to IFRS17 - White Paper

CONTACT US

  • Louis De Meester: 

RELATED CONTENTS

IFRS 9

Briefing Note

IFRS 9 - The novel paradigm for credit loss: implementation challenges and market updates

This publication offers valuable commentary from a broad spectrum of stakeholders including the standard setter, regulators and market participants. It targets C-Level Officers through the IFRS 9 Primer section, which outlines upcoming regulatory impacts and a case study. The remainder of the paper covers more technical topics and is appropriate for Accounting and Risk management staff.

IFRS 9 - The novel paradigm for credit loss implementation challenges and market updates 0

Risk & Compliance

Briefing Note

EDTF guidelines for IFRS 9 impairment-related disclosures

In 2012, the Financial Stability Board set up the Enhanced Disclosure Task Force (”EDTF”), which focused on the quality, comparability and transparency of these disclosures, particularly those flowing from IFRS 9 and US GAAP changes in Expected Credit Loss (“ECL”) approaches. In December 2015, the EDTF issued detailed guidance, including templates, for the requirements relating to changes in disclosures under the IFRS's new ECL regime. 

IFRS9

Briefing Note

BCBS's view on the new impairment model under IFRS9

On 2 February 2015, the Basel Committee on Banking Supervision (“BCBS”) issued a Consultative Paper setting forth guidelines for a robust and consistent implementation of the new Expected Credit Loss (ECL) accounting framework across all jurisdictions. The guidance outlines supervisory expectations for ECL accounting in the form of 11 principles that are consistent with the applicable accounting standards established by the IASB and other standard setters. Comments from the industry are expected by 30 April 2015.

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