Description: How actuarial practices have benefited from lessons learned from accountants

Description: Different points of view about IFRS are explained.

Description: This article highlights some key points for IFRS 17 Variable fee approach (VFA) and provides an illustrative example on the measurement model logic.

Description: The discount rate is one of the most critical topics in IFRS 17, which may have important repercussion on product profitability. Having a low discount rate may indicate a low profitability of a group of contracts, while a realistic expectation may differ. A similar issue was prevalent especially for U.S. companies when discount rates were set using a market consistent framework. The session is intended to help develop a discount rate framework that aligns with the business practices and address the concerns around the market consistent framework. This session will cover practical implementation considerations to set and apply IFRS 17 discount rates. The panelists will discuss alternative approaches to allow for a level of illiquidity premium for business supported by fixed assets with credit risks. Discussions will also cover other implementation considerations including granularity of setting the discount rate, application to new business, implications on asset and liability modeling, and a planning aspect for a successful implementation of the discount rate setting process. The panelists will share case studies to illustrate different approaches of setting the discount rate and their potential financial impacts. At the conclusion of the session, attendees will be able to: understand key requirements of setting discount rates under IFRS 17; understand how to align the discount rate to the actual business practices; understand implications of the discount rate in actuarial modeling; understand potential impacts on financial results; and develop a realistic plan to set discount rates appropriate to the business practices.

Description: Update of IFRS Developments

Description: December 2015 issue of The Financial Reporter

Description: Developments in IFRS

Description: Read the June 2018 issue of The Financial Reporter published by the Financial Reporting Section of the SOA.

Description: New International Financial Reporting Standards promise to trigger fundamental changes in the role and significance of actuarial models for insurers.

Description: Chairperson’s column discussing current events in financial reporting focusing on IFRS accounting proposals for insurance contracts.