Description: The IFRS 17 implementation deadline is near and companies have decisions to make. While many decisions pertain to specific IFRS 17 requirements, others are more strategic in nature. This session will explore key considerations and decisions faced by stakeholders as they finalize their implementation work and determine ongoing best practices in light of this new standard.

Description: 2021 Life Meeting - Session 7F: A New Frontier for Reinsurance Accounting - LDTI vs. IFRS 17 9.1.21 Recording

Description: The tape has finally been broken on live reporting with International Financial Reporting Standard 17 (IFRS 17). The insurance industry across much of the world now pivots focus from implementation efforts to assessing disclosed impacts of the new global standard. During this session, the presenters will explore how equity positions are changing for companies after adopting IFRS 17, particularly given the recent interest rate environment.

Description: IFRS 17 and US GAAP LDTI represent the biggest accounting changes for life insurers in decades and both become effective starting January 1, 2023. While many are familiar with the forthcoming changes under either IFRS 17 or LDTI, users of financial statements will need to be able to translate between the two accounting models (or at minimum, understand both models) when reviewing the financials of multi-national insurers. Learn about earnings expectations under both accounting models and compare and contrast product features performance, measurement requirements (including key policy decisions), and financial statement presentation under IFRS 17 and LDTI for traditional life insurance products. Explore illustrative examples as well as anecdotes from first-hand implementation experience to solidify the key themes and insights. By attending the session, you will:•Understand the impacted components of the financial statement for both IFRS 17 and LDTI as well as be able to translate between the two different presentations.•Describe the key methodology differences between IFRS 17 and LDTI and how those differences will impact earnings.•Describe the advantages and disadvantages of accounting for an insurance product under IFRS 17 versus LDTI.•Describe expected earnings impacts for traditional life products under both IFRS 17 and LDTI.

Description: IFRS 17 will be effective as of 1 Jan 2023 and provide opportunities as well as challenges to both Direct Writers and Reinsurers across the insurance industry. If the new framework is not fully understood, an implementation can elevate the risk of problems in financial reporting, product development, investment management and more. The transition to IFRS provides an opportunity for companies to optimize the financial position of the enterprise by implementing mitigating strategies to reduce the risks and challenges that IFRS brings to the table.

Description: The Independent Consultant Issue No. 17 January 2008 table of content

Description: Go over how the actuarial processes have changed over the past 10+ years with the move to PBR, US GAAP LDTI, IFRS 17 and other emerging requirements.

Description: View the Archive Spring 2017: Life Finance and Valuation Exam - U.S.

Description: The SOA Financial Reporting section offers resources such as information on emerging issues, links to key research, regulatory links and more.

Description: View the Archive Fall 2017: Life Finance and Valuation Exam - U.S.