V55 – IFRS 17: “What to Expect When You’re Expecting” Virtual Session

Date

October 16, 2017

  • Technical Skills & Analytical Problem Solving

 

Event Home | Registration | Presenter & Moderator | CPD

 

Presented by

Financial Reporting Section

Time

3:30 - 4:45 p.m. ET

Location

This virtual session takes place via the Internet.

Registration Fees

Registration is now closed. The SOA Customer Service Center is available to assist you Monday through Friday, 8:00 a.m. to 5:00 p.m. CDT. Please call +1-888-697-3900.

Description

After nearly 20 years, the IASB is expected to publish the final standard, IFRS 17 - Insurance Contracts, which replaces IFRS 4. The new standard is expected to be implemented as of Jan. 1, 2021. The new accounting standard will provide more relevant and comparable information. All companies that issue insurance contracts will be required to account for all insurance contracts in a way that provides:

  • Current estimates at each valuation date reflecting up-to-date information about cash flows and the timing and risk associated with those cash flows;
  • Information about:
    • the sources of profit or losses through underwriting activity and investing premiums from customers; and
    • the extent and nature of risks arising from insurance contracts. The standard is to be applied retroactively.

The presenters will start with the classification of contracts to determine the appropriate treatment under IFRS17. The two broad approaches, premium allocation approach and building block approach, will be explained and illustrated with examples. The concept of the Unit of Account will also be explained. The disclosures under each approach will be illustrated and explained.

At the conclusion of the session, attendees will be able to:

  • Understand the key concepts of IFRS 17 and be able to explain them and apply them to insurance contracts, determine sources of profits and losses;
  • Identify issues that might be of particular interest/concern to their organizations; and
  • Identify the steps required to implement the new standard by 2021.

How the live virtual session works and what it includes

Connect to the Internet to participate in the session as it takes place at the 2017 SOA Annual Meeting & Exhibit in Boston. The virtual broadcast streams the video, audio and PowerPoint slides through your computer during the session. As a virtual participant, you will be allowed to interact and submit your questions for live response during the session.

You will participate in the virtual session via the Internet. A computer with Internet access and sound capabilities is required. No other equipment is necessary. On Oct. 12, 2017 before 2:00 p.m. CT you will be sent detailed instructions via email including the web address for accessing the program. Any handouts that are available will also be sent.  You will follow along with both the slide presentation and the audio portion of the broadcast over the Internet.

The registration fee includes:

  • One access code to the live virtual session;
  • One Internet connection;
  • One phone connection (to be used only if experiencing sound issues or if in a conference room with a group); and
  • One set of presentation materials.

Please note that each access code may only be used for  one location,  even if you register for more than one participant.

Post-Event Purchase Opportunity

For those who are interested in SOA virtual sessions but are unable to participate in the live event, access to an archived recording of the virtual session will be available for purchase  approximately 10 business days following the event.

 

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Communication

Demonstrating the listening, writing and speaking skills required to effectively address diverse technical and nontechnical audiences in both formal and informal settings.

Professional Values

Adhering to standards of professional conduct and practice where all business interactions are based on a foundation of integrity, honesty and impartiality.

External Forces & Industry Knowledge

Identifying and incorporating the implications of economic, social, regulatory, geo-political and business changes into the design and delivery of actuarial solutions.

Leadership

Initiating, innovating, inspiring, creating or otherwise acting to influence others regardless of level or role toward a common goal.

Relationship Management & Interpersonal Collaboration

Creating mutually beneficial relationships and work processes toward a common goal.

Technical Skills & Analytical Problem Solving

Applying the actuarial knowledge, skills and judgment required to provide value-added services.

Strategic Insight & Integration

Anticipating trends and strategically aligning actuarial practice with broader organizational business goals.

Results-Oriented Solutions

Providing effective problem solving that addresses relevant interests and needs.