IFRS 17 compliance poses significant implementation challenges to the world’s insurers and South African insurers are no exception.
Transition to IFRS 17 will fundamentally change the balance sheet and future profits of insurance companies. The standard requires fully retrospective application of the new requirements (potentially resulting in a restatement of comparatives), unless performing these calculations is impracticable, in which case there are alternative options that may be applied on transition. Decisions taken relating to the transition option applied can significantly affect the size of the Contractual Service Margin (CSM) on the future in-force business at the transition date, with a corresponding impact on shareholder equity and timing of profits recognised in a business.The financial numbers are very much actuarially driven which requires companies to resource appropriately with actuarial capabilities in the implementation of the standard.
We invite you to join BDO South Africa, BDO Canada and Milliman to learn the practical considerations for your implementation based on key lessons learned where we will be focusing on:
- A snapshot of the IFRS 17 effective dates and challenges;
- Technical accounting - A practical application,
challenges in implementing IFRS 17;
- Actuarial - Practical considerations for the assumptions process and building your models;
- Technology and data – Practical considerations on your data availability, tools and process design; and
- update on the amendments to IFRS 17.
The presentation will last approximately an hour followed by 30 minutes of Q&A.
Hosted by Marnus Fourie – Partner Financial Services BDO South Africa.
Presenters and panellist:
- Shehnaaz Suleman - IFRS Technical Associate Director, Financial Services BDO South Africa
- David Kirk – Milliman Principal and Practice Leader for Milliman in Africa.
- Daryl Senick – IT Solutions Partner BDO Canada
- Mark Spencer – Accounting Advisory Leader, Financial Services BDO UK
- Nevellan Moodley - Partner and the Head of BDO Financial Services Technology.
|DATE : Thursday, 13 August
15:30 to 17:00
To register for the webinar