IFRS 17: Embracing change – planning for transition

Session 1: EMA/Americas -  Wednesday 28 July 2021

8:00am – 9:30am(EST)
1:00pm – 2:30 pm(BST)
2:00pm – 3:30pm (CEST)

Session 2: ASPAC – Thursday 29 July 2021

8:00am – 9:30am (HKT)
9:00am – 10:30am (JST)
10:00am 11:30am (AEDT)

Webcast overview

IFRS 17, Insurance Contracts, introduces significant changes in financial reporting by insurers that report using IFRS. Many insurers are hard at work updating their annual reporting and closing processes; however, the transition requirements of IFRS 17 are complex and burdensome and will need much planning, effort and resources.

Unlike many recent changes in reporting standards IFRS 17 requires retrospective application: this involves applying IFRS 17 to all business in force on the transition date as though it had always been in effect. While IFRS 17 contains a number of reliefs from this principle where data isn’t available, they can be complex to navigate, and while they lighten the load calculating transition adjustments will still be a major undertaking for many insurers.

To help insurers accelerate their implementation of IFRS 17, a webcast sharing insights from KPMG International’s forthcoming publication IFRS 17 transition – embracing change, seizing opportunity is being offered.

We’ll discuss some important issues to consider as insurers plan for the transition adjustment, help them navigate IFRS requirements and suggest some key areas they should consider to help optimize their results following transition.

Following the webcast, participants should be able to explain at a high level:

  • IFRS 17’s transition requirements, how they are inter-related and how to navigate them;
  • Factors to consider in planning for transition;
  • Some key areas they may wish to consider to help optimize performance reporting after the transition to IFRS 17;
  • Why a narrow scope amendment to IFRS 17 to alleviate operational complexities and one-time classification differences on the implementation of IFRS 9 by insurers is proposed.

This webcast will last approximately 90 minutes. It will be recorded and a link circulated for those unable to attend.

Featured speakers

Mary Trussell

Mary Trussell

Global Insurance Change Lead Partner, KPMG International

Bob Owel

Bob Owel

Director, International Standards Group, Insurance, KPMG UK

Joachim Koelschbach

Joachim Koelschbach

Partner, IFRS Insurance Leader, KPMG Germany

Gioia Jaeckle

Gioia Jaeckle

Senior Manager, Insurance, KPMG in Switzerland