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Published on 3 December 2021 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
This webcast is the fifth webcast in a series of on-demand IFRS 17 webcasts, which covers the requirements of IFRS 17 on premium repayments that do not meet the definition of non-distinct investment component (NDIC).
In the webcast, we cover the IFRS 17 requirements on the accounting for premium repayments that do not meet the definition of NDIC (e.g. refund of premiums, no-claim bonus and experience refund). These transactions are pervasive and there are different pieces of guidance in IFRS 17 that we bring together for you in this webcast. The webcast also provide viewers with Deloitte's practical considerations on this topic as they emerged from our implementation work to date.
The webcast series delivered by Francesco Nagari, Deloitte's Global IFRS Insurance Leader and Liza Gonzalo, IFRS 17 Director, covers Deloitte's insights on the application of IFRS 17 requirements and related technical accounting issues emerging from the various ongoing IFRS 17 implementation projects supported by Deloitte.
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Published on 4 November 2021 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
This webcast is the fourth webcast in a series of on-demand IFRS 17 webcasts, which covers the requirements of IFRS 17 on contract boundary assessment for reinsurance contracts.
In the webcast, we cover the IFRS 17 requirements on the contract boundary assessment for reinsurance contracts and highlight the importance of performing such assessment. We use simple examples to illustrate how to do the contract boundary assessment when there are cancellation clauses and repricing clauses included in the reinsurance contract. The webcast also provide viewers with Deloitte's practical considerations on this topic as they emerged from our implementation work to date.
The webcast series delivered by Francesco Nagari, Deloitte's Global IFRS Insurance Leader and Liza Gonzalo, IFRS 17 Director, covers Deloitte's insights on the application of IFRS 17 requirements and related technical accounting issues emerging from the various ongoing IFRS 17 implementation projects supported by Deloitte.
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Published on 30 September 2021 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
The International Accounting Standards Board (IASB) published the Exposure Draft (ED) Initial Application of IFRS 17 and IFRS 9 — Comparative Information on 28 July 2021.
The ED proposes to allow insurers to apply a classification overlay in the comparative period on a financial asset that is connected with IFRS 17 insurance contracts. The proposed amendment has the same effective date as that of IFRS 17.
Listen to Francesco Nagari, Deloitte's Global IFRS Insurance Leader, and Liza Gonzalo, IFRS 17 Director, as they discuss with you the key features of the proposed amendment and key observations and Deloitte’s recommendations in a number of areas where we believe the proposals in the ED could be improved.
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Published on 21 September 2021 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
This webcast is the second webcast in a series of on-demand IFRS 17 webcasts, which covers the requirements of IFRS 17 on the accounting for reinsurance loss recovery component.
In the webcast, we cover the IFRS 17 requirements on the accounting for the reinsurance loss recovery component. We use a simple example to explain how changes in the loss component from the underlying reinsured contracts trigger the accounting changes in the loss recovery component. The webcast also provides viewers with Deloitte's practical considerations on this topic as they emerged from our implementation work to date.
The webcast series delivered by Francesco Nagari, Deloitte's Global IFRS Insurance Leader and Liza Gonzalo, IFRS 17 Director, covers Deloitte's insights on the application of IFRS 17 requirements and related technical accounting issues emerging from the various ongoing IFRS 17 implementation projects supported by Deloitte.
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Impairment of assets for insurance acquisition cash
flowsPublished on 26 August 2021 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
This webcast is the first webcast in a series of on-demand IFRS 17 webcasts delivered by Francesco Nagari, Deloitte's Global IFRS Insurance Leader and Liza Gonzalo, IFRS 17 Director, covering Deloitte's insights on the application of IFRS 17 requirements and related technical accounting issues emerging from the various ongoing IFRS 17 implementation projects supported by Deloitte.
This webcast covers the requirements of IFRS 17 on insurance acquisition cash flows (IACF), with a focus on the two-level impairment test for an IACF asset.
In this webcast, a simple illustrative example is used to walk through the application of the IFRS 17 requirements on impairment of an IACF asset. In addition, this webcast also includes a discussion of some of the practical considerations Deloitte has learned from our implementation work to date.
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Published on 10 July 2020 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
On 25 June 2020, the IASB has issued Amendments to IFRS 17 Insurance Contracts, which makes targeted amendments to the standard, including:
Listen to Francesco Nagari, Deloitte's Global IFRS Insurance Leader, for the key highlights and outcomes from the recent IASB’s publication on IFRS 17.
Read also Deloitte’s IFRS in Focus article on the IASB amendments to IFRS 17 Insurance Contracts in conjunction with this webcast. This article provides detailed discussions on the amendments to IFRS 17 Insurance Contracts issued by the International Accounting Standards Board (IASB) in June 2020.
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Published on 20 May 2020 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
On 23 April 2020 IASB meeting, the Staff provided the IASB with an oral update on the progress of the balloting process of the Amendments to IFRS 17 and on other activities to support the implementation of IFRS 17.
At its meeting on 20 May 2020, the IASB discussed the following sweep issues identified during the balloting process:
In addition, the IASB has published an article on 28 April 2020 explaining the rationale behind the IASB’s decision to retain unchanged the annual cohort requirements in IFRS 17.
Listen to Francesco Nagari, Deloitte's Global IFRS Insurance Leader and a member of the IFRS 17 TRG, for the key highlights and outcomes from April & May 2020 IASB's discussions and decisions.
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Published on 1 April 2020 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
At its meeting on 17 March 2020, the IASB meeting decided to:
The IASB approved to start the balloting process and agreed not to re-expose the Amendments to IFRS 17.
The IASB Staff will therefore begin to draft the amendments to IFRS 17 and bring any sweep issues identified during the balloting of the amendments for discussion at a future meeting. They expect the amendments to be issued in the second quarter of 2020.
Listen to Francesco Nagari, Deloitte's Global IFRS Insurance Leader and a member of the IFRS 17 TRG, for the key highlights and outcomes from March 2020 IASB's discussions and decisions.
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Published on 17 March 2020 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
At its meeting on 25 February 2020, the IASB discussed the last set of amendments to IFRS 17. The IASB will discuss the effective date of IFRS 17 and the extension of the IFRS 9 temporary exemption in IFRS 4 during the March 2020 meeting.
During the February 2020 meeting, the IASB addressed the following topics:
Listen to Francesco Nagari, Deloitte's Global IFRS Insurance Leader and a member of the IFRS 17 TRG, for the key highlights and outcomes from February IASB's discussions and decisions.
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Published on 6 February 2020 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
At its October and November 2019 meetings, the IASB discussed the feedback from outreach and comment letters on the Exposure Draft (ED) Amendments to IFRS 17.
In the light of that feedback, at its November 2019 meeting, the IASB decided on its plan for redeliberating some of the matters raised by respondents on the ED and approved three list of topics to be deliberated during its next meetings:
(a) Amendments that the IASB Staff has identified for the IASB to confirm at a future meeting without expecting substantial discussion.
(b) Topics that the IASB Staff has identified for the IASB to consider further the feedback from respondents and for which there is an expectation of substantial discussion.
(c) Topics that the IASB Staff has identified as not needing further consideration. All of which were approved in the November 2019 meeting.
On 30 January 2020, the IASB discussed the following topics from the second list drawn at its November 2019 meeting:
(a) Scope exclusion from IFRS 17 for some credit card contracts;
(b) Transition—the prohibition from applying the risk mitigation option retrospectively;
(c) Business combinations—contracts acquired in their settlement period;
(d) Interim financial statements; and
(e) Asset for insurance acquisition cash flows—transition and business combinations.
Listen to Francesco Nagari, Deloitte's Global IFRS Insurance Leader and a member of the IFRS 17 TRG, for the key highlights and outcomes from January 2020 IASB's discussions and decisions.
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Published on 3 February 2020 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
At its October and November 2019 meetings, the IASB discussed the feedback from outreach and comment letters on the Exposure Draft (ED) Amendments to IFRS 17.
In the light of that feedback, at its November 2019 meeting, the IASB decided on its plan for redeliberating some of the matters raised by respondents on the ED and approved three list of topics to be deliberated during its next meetings:
On 20 November 2019, the IASB discussed an overview of the Comment Letters received and the feedback on the Exposure Draft Amendments to IFRS 17.
The IASB approved three list of topics that will be deliberated during its next three Board meetings (December 2019, January and February 2020):
(a) Amendments that the IASB Staff has identified for the IASB to confirm at a future meeting without expecting substantial discussion.
(b) Topics that the IASB Staff has identified for the IASB to consider further the feedback from respondents and for which there is an expectation of substantial discussion.
(c) Topics that the IASB Staff has identified as not needing further consideration. All of which were approved in the November 2019 meeting.
On 11 December 2019, the IASB approved unanimously the following topics:
(a) All of the items that were included in the first list drawn at the IASB November 2019 meeting:
(b) Two items from the second list drawn at the IASB November 2019 meeting:
a. Expected recovery of insurance acquisition cash flows; and
b. Reinsurance contracts held–recovery of losses.
Listen to Francesco Nagari, Deloitte's Global IFRS Insurance Leader and a member of the IFRS 17 TRG, for the key highlights and outcomes from December 2019 IASB's discussions and decisions.
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Published on 4 December 2019 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
On 20 November 2019, the IASB discussed an overview of the Comment Letters received and the feedback on the Exposure Draft Amendments to IFRS 17.
The IASB approved three list of topics that will be deliberated during its next three Board meetings (December 2019, January and February 2020):
The outcome of these deliberations will result in the revised text of IFRS 17 to be published in H1 2020.
Listen to Francesco Nagari, Deloitte's Global IFRS Insurance Leader and a member of the IFRS 17 TRG, for the key highlights and outcomes from the IASB's discussions and decisions.
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Published on 26 September 2019 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
Deloitte published its Comment Letter on the Exposure Draft Amendments to IFRS 17.
We are generally supportive of the proposals in the Exposure Draft and have recommended a number of areas where these proposals could be improved.
Listen to Francesco Nagari, Deloitte's Global IFRS Insurance Leader and a member of the IFRS 17 TRG, for the key highlights and outcomes of Deloitte Comment Letter on the Exposure Draft Amendments to IFRS 17.
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Published on 10 July 2019 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
The IASB has published an Exposure Draft Amendments to IFRS 17 to address concerns and implementation challenges identified following the publication of IFRS 17 Insurance Contracts in 2017. The publication of the Exposure Draft follows an assessment of 25 concerns, identified during the IASB's meeting in October 2018, of areas of the standard that global stakeholders recommended to the IASB for potential improvement. Following its assessment, the IASB has proposed a number of targeted amendments, including a one-year deferral of the IFRS 17 effective date to 1 January 2022.
Francesco Nagari, Deloitte's Global IFRS Insurance Leader and Sue Lloyd, Vice Chair of the IASB, discussed the Exposure Draft, 'Amendments to IFRS 17' in our webcast on 8 July. Watch the webcast for a summary of the key highlights and outcomes.
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Published on 29 May 2019 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
The IASB discussed on 15 May four sweep issues to consider before finalising the Exposure Draft of proposed amendments to IFRS 17 Insurance contracts:
The IASB approved a comment period of 90 days for the Exposure Draft of proposed amendments to IFRS 17.
Finally, the IASB provided an update on the discussions of the Transition Resource Group (TRG) for IFRS 17 Insurance Contracts meeting, held on 4 April 2019.
Francesco Nagari summarised the outcomes of the Board meeting in our webcast on 23 May. Watch the webcast for Francesco's summary of the key highlights and outcomes
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Published on 3 May 2019 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
The IASB discussed on 9 April the overview of the amendments to IFRS 17 that the Board tentatively decided since November 2018.
The IASB addressed also the due process steps and approved the balloting of an Exposure Draft to amend IFRS 17. The Board discussed and approved several sweep issues, addressing additional stakeholders concerns which have arisen in the project on the amendments to IFRS 17.
The IASB finally discussed Annual Improvements related to IFRS 17 and the feedback from the TRG meeting held on 4 April 2019.
Francesco Nagari summarised the outcomes of the Board meeting in our webcast on 25 April. Watch the webcast for Francesco's summary of the key highlights and outcomes.
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Published on March 27, 2019 | Francesco Nagari
Global IFRS Insurance Leader at Deloitte Touche Tohmatsu
The IASB met on 14 March to discuss the remaining issues and implementation challenges from the 25 that were identified in October 2018 as candidates for potential amendments. The IASB focused on level of aggregation:
The IASB also discussed additional amendments to IFRS 17 on Credit cards that provide insurance coverage. The IASB further discussed transition requirements related to the risk mitigation option and loans that transfer significant insurance risk. These are issues that were discussed during the IASB’s meeting in February.
Finally, the IASB addressed amendments to disclosure requirements resulting from the Board’s tentative decisions to date and Implications for disclosure and transition requirements.
Francesco Nagari summarised the outcomes of the Board meeting in our webcast on 21 March. Watch the webcast for Francesco's summary of the key highlights and outcomes.
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The IASB met on Thursday, 7 February to discuss a further four of the 25 concerns and implementation challenges surrounding IFRS 17, originally identified during its meeting in October 2018:
Francesco Nagari summarised the outcomes of the Board meeting in our webcast on 21 February. The Board tentatively agreed to amend IFRS 17 on the concern arising from the accounting under IFRS 17 of loans that also transfer significant insurance risk. The Board also introduced one additional simplification for the modified retrospective approach. All of the other concerns resulted in no amendments to IFRS 17.
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During its meeting on Wednesday, 23 January, the IASB considered the below four issues surrounding the requirements in IFRS 17. The IASB staff recommended to amend IFRS 17 in all cases and the Board has tentatively agreed.
Watch the webcast for Francesco’s summary of the key highlights and outcomes.
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At its meeting on 14 November, the International Accounting Standards Board (IASB) tentatively agreed to defer the effective date of IFRS 17 by one year to 1 January 2022. The Board resumed its discussions at its monthly meeting from 11 to 13 December, when 13 of the 25 concerns and implementation challenges identified during October's meeting were addressed.
On Wednesday, 9 January, Francesco Nagari, Deloitte's Global IFRS Insurance Leader and a member of the IFRS 17 TRG, summarised the Board's discussion and decisions regarding the IASB Staff's recommendations on amendments to IFRS 17.
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Since IFRS 17 was issued in May 2017, the International Accounting Standards Board (IASB) has been monitoring its implementation. It has been made aware of 25 concerns and implementation challenges. Among them are the issues identified in the letter sent by the European Financial Reporting Advisory Group (EFRAG) in early September. The IASB previously indicated that it would consider whether additional action is needed to address the matters arising from the implementation of IFRS 17.
The IASB's discussions at its meeting on Wednesday, 24 October was a first step in this assessment process. Francesco Nagari summarised the outcomes of the meeting in our webcast on 1 November.
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During our webcast on 2 October, Francesco Nagari summarised the outcomes of the IFRS 17 TRG's third meeting, held in London on 26 and 27 September, during which the Group discussed the following agenda items:
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On 2 May, the members of the IFRS 17 Transition Resource Group (TRG) met for the second time to discuss key IFRS 17 implementation issues. Our webcast, held on Wednesday, 9 May, summarised the outcomes of the TRG's discussions on six key papers relating to:
The IASB Staff also reported on other implementation questions submitted but not tabled for detailed TRG discussion.
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On 21 September 2017, the International Accounting Standards Board appointed the members of the IFRS 17 Transition Resource Group (TRG). Our latest webcast looked at the outcomes of the TRG's first meeting that took place on 6 February 2018, and discussed seven key papers relating to:
Read more about the TRG's meeting in 'IFRS in Focus' on IAS Plus.
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The long-awaited IFRS standard for insurance contracts, IFRS 17, was finally released in May 2017, replacing IFRS 4. While the immediate challenge for many insurers around the globe is to determine accounting interpretations and methodologies for insurance contracts, and transition from existing frameworks before the Standard's effective date, there are other areas indirectly impacted. One of those is Embedded Value reporting.
This webcast discusses:
Darryl Wagner and Paul Downes share their views on how the adoption of IFRS 17 will impact the future of Embedded Value reporting.
What is the relationship between IFRS 17 and reward KPIs? How should the insurance industry approach changes on reward KPIs that are expected as a result of the implementation IFRS 17? What is the expected impact of such changes on the executive Total Reward design?
This webcast discusses:
Simon Walpole and Peter Devlin share their views on possible ways of addressing the challenges that IFRS 17 creates around the design of Total Rewards by creating customised solutions that integrate with the requirements of IFRS 17.
What are the key challenges facing insurance companies currently around data management? How does the work to address IFRS 17 fit with the approach insurance companies take on data management?
This webcast discusses:
Francesco Nagari and Richard Marshall share their views on possible ways of addressing the IFRS 17 challenges around data management and on the range of solutions available to insurance companies to enhance their data integration and automation.
With the implementation deadline for IFRS 17 drawing closer every day, more and more impacted insurers are beginning or continuing preparations to be ready for 2021.
In this webcast Francesco Nagari, Deloitte’s Global Insurance IFRS leader, and Martin Redington, Aptitude Software’s Chief Technology Officer, discuss findings from their organisation's respective market surveys. Key subject areas include:
A year after the Standard's publication and with just over two years until its mandatory "go-live" date, how are global insurers preparing to operate in the new financial reporting regime?
Deloitte commissioned the Economist Intelligence Unit to survey senior executives and published the latest Global IFRS Insurance Survey, 2021 countdown underway: Insurers prepare for IFRS 17 implementation, aims to provide a comprehensive view of insurers' reactions to the new rules, as well as their perceptions on the scale and complexity of this major regulatory change, and the timelines surrounding system implementation necessary to achieve compliance. This webcast discusses key findings including:
Francesco Nagari, and Rashmi Dalai, the Managing Editor of Thought Leadership at the Economist Intelligence Unit and the editor of the Global IFRS Insurance Survey 2018 issued, share their views on the key findings the survey unveils in terms of how insurers globally are reacting to and preparing for the IFRS 17 implementation.
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