Navigate the new world of accounting change

Navigate the new world of accounting change

Property and casualty insurers prepare to report under IFRS 17

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Navigate the new world of accounting change

The International Accounting Standards Board’s (IASB) insurance contracts standard, IFRS 17, will include the option to use a ‘simplified’ accounting model for certain eligible contracts. This model, called the Premium Allocation Approach (PAA), is expected to be widely used by property and casualty (P&C) insurers. 

The PAA is intended to be simpler to apply than the standard’s general measurement model and may appear similar to current P&C accounting in some jurisdictions. However, while it might seem at first that little is changing, a look below the surface reveals a number of challenges arising for insurers expecting to apply the PAA.

In the fourth of our webcast series – P&C insurers prepare to report under IFRS 17 – we will explore how the PAA works in practice and consider some of the financial implications by going through a few illustrative examples.

Date: 6 Thursday April 2017
Time: 9:00am EST/2:00pm GMT/3:00pm CET

Date: 7 Friday April 2017 (on demand)
Time: 9:00am HK/12:00pm Sydney

Register here

Join the webcast to hear:

  • The high level financial implications of applying the PAA
  • Key challenges associated with operationalizing the PAA, including evaluating a contract’s eligibility for the PAA.

KPMG presenters

Scott Guse, Partner, Head of Insurance Accounting Change Asia Pacific, KPMG in Australia 
Pierre Lepage, Partner, Property and Casualty Actuarial Lead, KPMG in Canada 
Nathan Patten, Partner, KPMG in the UK

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 discuss 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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