Ahmed Shaker

IFRS 17 replaces IFRS 4 and sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of IFRS 17. IFRS 17: Decision time is here Insurersnow have an extra year to implementIFRS 17. Of course, an additional year is a bonus. The amendments to IFRS 17, including the additional year, will allow companies to revisit their implementation plans, reviewing them to make sure that there is a roadmap to deliver results in 2023, including gathering the data needed for transition, training the business on the changes they will see in 2023, and implementing a strategy for communicating those changes to stakeholders. Thanks Mary. The comment deadline is 25 September 2019. In March 2020, the International Accounting Standards Board decided a further deferral of the effective date to 1 January 2023. Access the Exposure Draft Amendments to IFRS 17. At its March 2020 meeting, The International Accounting Standards Board (the Board) decided to defer the effective date of IFRS 17 for another year to 1 January 2023. Concerns IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. PwC Observations: Applying IFRS 17 accounting policies before the mandatory effective date It might be possible for an insurer to apply IFRS 17 accounting policies by changing the accounting policies under IFRS 4, ‘Insurance Contracts’, without applying IFRS 17 as a whole. New effective date for IFRS 17 IASB decides to make it 01 January 2023 On 17 March 2020, the International Accounting Standards Board (IASB) has decided on two (2) key actions regarding IFRS 17 Insurance Contracts: Defer the effective date of the Standard to annual reporting periods beginning on or after 1 January 2023; IFRS 17 is effective for annual reporting periods beginning on or after 1 January 2023. You can view which cookies are used by viewing the details in our privacy policy. At a Board meeting on Wednesday 14 th of November, the International Accounting Standards Board, or IASB, tentatively decided to propose an amendment of the IFRS 17 effective date to reporting periods beginning on or after 1 January 2022. In March 2020, the International Accounting Standards Board (IASB) agreed to postpone the effective date of IFRS 17 by one year to allow insurers extra time to implement the changes and to maximise the business value of their IFRS 17 implementation projects. IFRS 17 effective 1 January 2021 Revised IFRS 9 classification from IFRS 17 implementation* First IFRS 17– compliant financial statements *Unless IFRS 17 will be deferred based on the conditional deferral option. Effective date of IFRS 17 Feedback from respondents • Almost all respondents supported the Board’s proposal to defer the effective date of IFRS 17 from its original effective date of 1 January 2021. Several Board members said they would agree to To be prepared for 2023, companies need to understand the impact of the amendments on their business, work out what new data is required and ensure that it can be sourced on a robust basis, design, build and test new or updated systems and parallel-run new processes in order to be confident in their results reflecting IFRS 9 and IFRS 17. © 2020 Copyright owned by one or more of the KPMG International entities. IFRS in Focus — IASB defers effective date for 'Classification of Liabilities as Current or Non-current' 22 Jul 2020 IFRS in Focus — IASB issues amendments to IFRS 17 'Insurance Contracts' Implementation at the same time will … Mary Trussell It’s time to get IFRS 17 implemented. However, the Board’s decision to defer the effective date by two years from the original date to 2023 will enable insurers around the world to implement the new Standard at the same time, which the Board considers to be beneficial for investors, insurers and other stakeholders. Date of issue: Aug 2017 Date compiled to: 20 Aug 2020 . In November 2018, IASB voted to defer the effective date of IFRS 17 for one year unanimously, setting the new effective date of initial application of the Standard to be the 1 January 2022. We will be hosting a webcast on 8 April 2020 where we will discuss the operational implications of IFRS 17 and discuss what this means for insurers. Main IFRS 17 challenges like siloed IT … The Board published some amendments to IFRS 17, including a deferral of the effective date of IFRS 17 by two years so that entities are required to apply IFRS 17 for annual periods beginning on or after 1 January 2023. Get the latest KPMG thought leadership directly to your individual personalized dashboard. The Board also added some additional amendments, again in response to feedback on those proposals. For insurance entities that meet certain specified criteria, an … At its November 2018 meeting, the IASB tentatively decided to propose that: the mandatory effective date of IFRS 17 be deferred by one year to 2022; and the fixed expiry date for the optional temporary exemption from applying IFRS 9 Financial Instruments, granted to insurers meeting certain criteria, also be deferred by one year to 2022. Level of aggregation – annual cohorts for all insurance contracts other than those with intergenerational sharing of risks between policyholders. Read the transcript of the video (PDF 355 KB). This is a deferral of one year compared to the current date of 1 January 2021. To supplement the consultation, the Board will organise stakeholder events around the world. Naturallythey want to use the time wisely. The objective of the amendments is ... C Effective date and transition D Amendments to other IFRS Standards APPROVAL BY THE BOARD OF IFRS 17 INSURANCE CONTRACTS the mandatory effective date of IFRS 17 be deferred by one year to 2022; and the fixed expiry date for the optional temporary exemption from applying IFRS 9 Financial Instruments, granted to insurers meeting certain criteria, also be deferred by one year to 2022. in applying IFRS 17 for the first time when it decided to provide a period of over three and a half years to implement the Standard (May 2017–January 2021). All rights reserved. Download our latest Insurance Accounting Alert, below, for the full details on the decision to defer IFRS 17 – including the arguments of stakeholders for and against a delay to the effective date. A company can choose to apply IFRS 17 before that date but only if it also applies IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers. IFRS in Focus — IASB defers effective date for 'Classification of Liabilities as Current or Non-current' 22 Jul 2020 IFRS in Focus — IASB issues amendments to IFRS 17 'Insurance Contracts' The Board has in previous meetings confirmed that it will proceed with the proposals outlined in the June 2019 consultation document albeit with some minor modifications in response to feedback received. This simultaneous implementation comes with a plethora of challenges regarding operational processes, systems, reporting, KPIs and ultimately revenue and earnings patterns. For more detail about our structure please visit https://home.kpmg/governance. This means that insurers now have just under two years to get themselves ready for a full year of parallel running before going live with reporting on the new basis. IFRS 17 also aims to provide account users with more meaningful information to help them understand insurers' financial performance. The proposed deferral is subject to public consultation, which is expected within 2019 but it would be safe to suggest that insurers could start incorporating the above mentioned deferral in their implementation plans. Also, our insights on insurers’ progress with IFRS 17 and IFRS 9 implementation can be found on our In it to win it web page. You can read our summaries of the Board’s proposed amendments and the Transition Resource Group (TRG) for Insurance Contracts discussions in our online magazine Insurance – Transition to IFRS 17. IFRS 17 effective date 17 March 2020 IASB decides on new effective date for IFRS 17 of 1 January 2023 The International Accounting Standards Board (Board) has completed its discussions on the amendments to IFRS 17 Insurance Contracts that were proposed for public consultation in June 2019. There are a lot of opportunities also when I hear you talk about the details of what the impact of this project is. IN3 IFRS 17 supersedes IFRS 4 Insurance Contracts. Watch this space for our announcement to register for this webcast. IASB votes on IFRS 17 effective date 17 Mar 2020 At its meeting held today, the IASB discussed and voted on the remaining issues resulting from the feedback received on the exposure draft ED/2019/4 'Amend­ments to IFRS 17' which were the effective date of IFRS 17 and the expiry date of the IFRS 9 temporary exemption in IFRS 4. Annual periods beginning on or after 1 January 2023 ; Early adoption is permitted . New effective date for IFRS 17 IASB decides to make it 01 January 2023 On 17 March 2020, the International Accounting Standards Board (IASB) has decided on two (2) key actions regarding IFRS 17 Insurance Contracts: The measurement model Companies need to understand impacts on their business and maintain momentum for change, KPMG’s Global Lead, Insurance accounting change, IFRS 17 will be effective for annual periods beginning on or after 1 January 2023, Temporary exemption to IFRS 9 has also been extended, Next steps – continue to prepare for implementation. IFRS 17 is effective for annual reporting periods beginning on or after 1 January 2021. We want to make sure you're kept up to date. IFRS 17 will fundamentally change the accounting by all … In November 2018 the International Accounting Standards Board proposed to delay the effective date by one year to 1 January 2022. Reasons for issuing the Standard When the International Accounting Standards Board (IASB) tentatively agreed to a 1-year deferral of the IFRS 17 effective date in November 2018, we saw as many insurers shedding tears of frustration as those that let out a sigh of relief. Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. In November 2018, IASB voted to defer the effective date of IFRS 17 for one year unanimously, setting the new effective date of initial application of the Standard to be the 1 January 2022. Invalid characters in 'Your Query' field. Companies now have everything they need to move ahead to the new effective date of 1 January 2023. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts* * For qualifying entities that choose to apply the temporary exemption from IFRS 9. IASB issues amendments to IFRS 17 Insurance Contracts to help companies with implementation: 17 March 2020: IASB decides on new effective date for IFRS 17 of 1 January 2023: 26 June 2019: IASB proposes to amend IFRS 17 in ED/2019/4 Amendments to IFRS 17: 18 May 2017. Earlier application is permitted. The Board published some amendments to IFRS 17, including a deferral of the effective date of IFRS 17 by two years so that entities are required to apply IFRS 17 for annual periods beginning on or after 1 January 2023. The effective date of IFRS 17, including the amendments, has been deferred by two years to annual reporting periods beginning on or after 1 January 2023.¹ Early adoption is permitted, provided an entity also applies IFRS 9. When the International Accounting Standards Board (the Board) issued amendments to IFRS 17, Insurance Contracts , on 25 June 2020 after a year of deliberations key among the amendments was a change to the effective date to 1 January 2023. Factors to consider are whether peers are also early adopting and, depending on jurisdiction, any regional endorsement requirements. Issue. The International Accounting Standards Board (Board) has completed its discussions on the amendments to IFRS 17 Insurance Contracts that were proposed for public consultation in June 2019. © IFRS Foundation 2017. Visit Amendments to IFRS 17 to find out more about the amendments published in June 2020. IFRS Today: IFRS 17 – The new effective date | 5 . Visit You will not continue to receive KPMG subscriptions until you accept the changes. It has today decided that the effective date of the Standard will be deferred to annual reporting periods beginning on or after 1 January 2023. For other entities that do not qualify for the temporary exemption, or that choose the overlay approach instead, these amendments are effective for designated assets from the date at which IFRS 9 is applied for the first time. 20 Effective date and transition 175 20.1 Effective date 175 20.2 Transition to IFRS 17 176 20.3 Transition disclosures 194 20.4 Redesignation of financial assets 194 20.5 Comparative financial information 195 20.6 First-time There is a lot to do between now and 1 January 2023. The Board also decided to extend the temporary exemption to IFRS 9 Financial Instruments, granted to insurers who meet specified criteria, to 1 January 2023. Member firms of the KPMG network of independent firms are affiliated with KPMG International. IFRS Today: IFRS 17 – The new effective date | 5 Bob Thanks Mary. At its March 2020 meeting, The International Accounting Standards Board (the Board) decided to defer the effective date of IFRS 17 for another year to 1 January 2023. The redeliberation discussions on the proposed amendments to IFRS 17 Insurance Contracts are now complete. On 18 May 2017, the IASB finished its long-standing project to develop an accounting standard on insurance contracts and published IFRS 17, 'Insurance contracts'. The Board also decided to propose an amendment to IFRS 4 to allow insurers qualifying … All rights reserved. Moving to IFRS 17 is a big task and this proposed package of targeted amendments will help insurers in their ongoing implementation of the new Standard. The IFRS Foundation's logo and the IFRS for SMEs® logo, the IASB® logo, the ‘Hexagon Device’, eIFRS®, IAS®, IASB®, IFRIC®, IFRS®, IFRS for SMEs®, IFRS Foundation®, International Accounting Standards®, International Financial Reporting Standards®, NIIF® and SIC® are registered trade marks of the IFRS Foundation, further details of which are available from the IFRS Foundation on request. The Board expects to issue the amendments to IFRS 17 in the second quarter of 2020. Those which contain a discretionary participation feature are accounted for similarly to insurance contracts. In March 2020, the International Accounting Standards Board (IASB) agreed to postpone the effective date of IFRS 17 by one year to allow insurers extra time to implement the changes and to maximise the business value of their The effective date of IFRS 17 as originally issued was annual reporting periods beginning on or after 1 January 2021 Companies are now required to apply IFRS 17 for annual reporting periods beginning on or after 1 January 2023 The deferral of the effective date of IFRS 17 by two years is intended to allow time for an orderly adoption of the amended IFRS 17 by jurisdictions. Effective date . IFRS in Focus — IASB seeks … Also, our insights on insurers’ progress with IFRS 17 and IFRS 9 implementation can be found on our In it to win it web page. The decision to defer the effective date by two years, from the original date … Therefore, insurers can postpone the original IFRS 9 implementation date (01.01.2018) to the IFRS 17 effective date to avoid these massive mismatches (deferral approach) upfront. After a 20-plus year gestation period and multiple consultations, the International Accounting Standards Board (IASB) issued the amendments to ‘IFRS 17 Insurance Contracts’ on 25 June 2020 – in effect the ‘final’ … IFRS 17 was issued in May 2017 with an effective date of annual reporting periods beginning on or after 1 January 2021. Download. Effective date of IFRS 12; Effective date of IFRS 13; Info. KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate legal entity. IN2 IFRS 17 is effective for annual periods beginning on or after 1 January 2021. KPMG International provides no client services. With the effective date of IFRS 17 deferred until 2023, and the impact of COVID-19, should insurers pause their projects, or push on? Paragraphs in bold type state the main principles. It will replace IFRS 4 on accounting for insurance contracts and has an effective date of 1 January 2023. The amendments to an exposure draft published last year include deferring the effective date of IFRS 17 by one year to 1 January 2023, allowing companies worldwide to adopt the standard at the same time. Our privacy policy has been updated since the last time you logged in. The International Accounting Standards Board (IASB) has published amendments to IFRS 17 to help companies implement the standard and more easily explain their financial performance. Effective date of IFRS 17 Future meeting Extension of the IFRS 9 temporary exemption in IFRS 4 Future meeting Transition—the prohibition from applying the risk … Session expired, please refresh your browser. “Apart from the effective date, the Board has now completed its discussions on proposed The IASB also tentatively decided to allow insurers qualifying for deferral of IFRS 9 an additional year of deferral, meaning they could apply both standards for the first time in reporting periods beginning on or after 1 January 2022. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). All Related; Related Publications. You will not receive KPMG subscription messages until you agree to the new policy. effective date of IFRS 17 by one year to reporting periods beginning on or after 1 January 2022. 14 Jul 2020. Timely implementation of IFRS 17 is vital to improve the quality and comparability of accounting for insurance contracts. An error has occurred, please try again later. KPMG’s Global Lead, Insurance accounting change. — Decide an effective date for IFRS 17 implementation — Define the transition approach, which will affect all policies at the transition-al stage — Determine impact on the profit calculated as a result of the choice of discount rate and risk adjustment to be applied for transition — Gauge potential impact on product approval processes Reinsurance contracts IFRS 17 is effective for annual reporting periods beginning on or after 1 January 2022, which represents a delay of 1 year from the original effective date of 1 January 2021 which was set when the Standard was first published. Three main themes were observed in the feedback received: 1. IFRS Foundation Question 7—Effective date of IFRS 17 and the IFRS 9 temporary exemption in IFRS 4 (paragraphs C1, [Draft] Amendments to IFRS 4 and BC110–BC118) IFRS 17 is effective for annual reporting periods beginning on or after 1 January 2021. I just want to look at the insurance accounting, and this has been diverging over the past almost 25 years and now the Board needs to bring this all back together in globally consistent requirements, and Effective date – comparative information on initial application of IFRS 17. Early adoption is permitted, and some insurers who are far along in their implementation project may decide to consider this option. NZ IFRS 17 – This version is effective for reporting periods beginning on or after 1 Jan 2023 (early adoption permitted) Date of issue: Aug 2017 Date compiled to: 20 Aug 2020 . No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. Within insurance contracts, there may be differences in the measurement model depending on whether the contract contains direct participation features or meets the criteria required for the adoption of Some insurers face the challenge of applying a complex standard to a myriad of different … Before the effective date, insurers will need to carefully consider their ‘IFRS 17 story’ for investors and analysts, as well as the key metrics that they will apply in the new world. Find out how KPMG's expertise can help you and your company. IFRS 17 have on the financial position, financial performance and cash flows of an entity. At its March 2020 meeting, The International Accounting Standards Board (the Board) decided to defer the effective date of IFRS 17 for another year to 1 January 2023. This website uses cookies. Click anywhere on the bar, to resend verification email. In June 2020, the Board issued Amendments to IFRS 17. Insurers need to make sure they have appropriate data, robust and tested systems in place, and a transition plan – these are just a few key areas that need to be ready by that effective date. The redeliberation discussions on the proposed amendments to IFRS 17 Insurance Contracts are now complete. Effective date of IFRS 11 When: 01 Jan 2013 from 12:00 AM to 12:00 AM: Timezone: UTC Where: London: Add event to calendar: vCal iCal: On 12 May 2011, the IASB issued IFRS 11 Joint Arrangements ... Consolidated version of IFRS 17 incorporating the June 2020 amendments. The drafting of the final text of the amendments to IFRS 17 will continue in line with the Board’s objective to issue the revised IFRS 17 in mid-2020. IFRS 17 effective date, assessing their readiness, determining the ongoing impact of the change in regime, planning IFRS 17 architectures and evaluating IFRS 17 vendors. 20 Effective date and transition 175 20.1 Effective date 175 20.2 Transition to IFRS 17 176 20.3 Transition disclosures 194 20.4 Redesignation of financial assets 194 20.5 Comparative financial information 195 20.6 First-time adopters of IFRS 196 About this publication 197 Keeping in touch 198 Contents Reflecting on feedback from senior stakeholders, the IFRS 17 Transversal Working Party contemplates whether the new IFRS 17 regime is a marked improvement or a missed opportunity. IASB decided to defer the effective date of IFRS 17 to annual reporting periods beginning on or after January 01, 2023. IFRS 17 is effective from 1 January 2021. This delay was recommended by the IASB at a meeting in 2018, the summary of which can be found here. Cash flows in effective date of IFRS 17 by two or three years to allow additional time for implementation. Accessibility   |   Privacy   |   Terms and Conditions   |   Trade mark guidelines   |   All legal information   |   Using our website. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. IFRS 9 (by the effective date of IFRS 17), not as insurance contracts. 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