Navigate the new world of accounting change | KPMG | BG

Navigate the new world of accounting change

Navigate the new world of accounting change

Impacts of IFRS 17 on data, systems and processes

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 Navigate the new world of accounting change

The International Accounting Standards Board’s (IASB) insurance contracts standard, IFRS 17, is expected to significantly affect data requirements and the systems and processes used for data collection, actuarial projections, and on calculating and accruing interest.  

In discussions with insurers around the world, at KPMG we found that most expect to face challenges accessing and handling data of the right quality and granularity under the new standard. And many see significant effort associated with capturing, storing and analyzing this information given historical data quality and the use of legacy systems.

In the third of KPMG’s webcast series - Impacts of IFRS 17 on data, systems and processes - we will share practical examples of how the forthcoming standard may impact an insurer’s current systems architecture. In addition, we will explore the data that will be required and how the standard will influence new estimates, computations and processing. We will also share lessons that we have learned from helping insurers through Solvency ll and the importance of developing a data management policy early on. 

Date: Tuesday 28 February 2017 
Time: 9:00am EST/2:00pm GMT/3:00pm CET 

Date: Wednesday 1 March 2017 (on demand) 
Time: 9:00am HK/12:00pm Sydney 

Register here

Join the webcast to hear: 

  • The latest discussions on the draft standard by the IASB at their February meeting 
  • How IFRS may impact your systems environment and management of data 
  • The data requirements of IFRS 17, including similarities and differences with Solvency II  
  • Which aspects of data and systems will be most significantly impacted when implementing the Building Block Approach for measurement and presentation. 

KPMG presenters 

Mary Trussell, Global Insurance Accounting Change Lead Partner KPMG in Canada
Martin Hoser, Global Insurance Accounting Change Data and Systems Lead Partner, KPMG in Germany 

As investors and regulators strive for ever-accelerated reporting timetables, insurers will want to streamline processes and ensure clear, concise communication to shareholders, investors and other key stakeholders. KPMG’s approach is distinctive, recognizing that this is more than just a technical accounting and actuarial issue.

We would be happy to answer any questions you might have in your preparation for IFRS 17. 

© 2017 KPMG Bulgaria OOD, a Bulgarian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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