Brexit in the Boardroom - Issue 4 is now available, and our website also contains significant material and our views on Brexit.
We will continue to share with you important matters as they happen.
The International Accounting Standards Board’s (IASB) long-awaited insurance contracts standard is expected to become a reality in the first half of 2017. The implications for insurers and reinsurers are profound. Is your organisation starting to prepare?
Financial results will be very different from how they are reported today, challenging investors, analysts and other stakeholders. By 2021, this will all need to be business as usual, and insurers and everyone working in the industry will need to have learned a whole new language. To help you navigate through the changes, KPMG International is pleased to host a series of webcasts focusing on key aspects of the standard, the business impacts, and how they can be best addressed to ensure an efficient and secure transition. The webcast will last approximately 1 hour.
How to join this Webcast:
Date: Thursday, 15 December 2016 (1 CPE credit)
Time: 9:00 am EST / 2:00 pm GMT / 3:00 pm CET
On demand session:
Date: Friday, 16 December 2016
Time: 9 am HK / 12:00 pm Sydney
Please register here for the Webcast
Accounting change for insurers has been a hot topic for nearly 20 years. The epic journey is now reaching a milestone. The International Accounting Standards Board (IASB) forthcoming insurance contract standard is expected to become a reality in early 2017. The new standard will enable comparisons of the financial performance of insurance companies across the world. The impacts for insurers will likely be profound and enterprise-wide, from finance and actuarial functions to data, systems and processes.
At KPMG, we recognise that many insurers are already thinking about how they will approach the change and what it means for their business, although others will want the certainty of a final standard. The complexity of the standard and the impacts on the business will need to be well understood, thoughtfully planned for and navigated with agility to ensure the end goal is delivered securely and return on project expenditure is maximised.
I’m pleased to share with you our new report, Navigating the new world: Preparing for insurance accounting change, which offers practical insights into the key areas of impact and the questions insurers should be asking themselves now. We articulate KPMG’s unique methodology and share success factors based on our firm's years of experience in helping insurers navigate complex changes.
KPMG’s Insurance Statutory Reporting
Insurance companies will need to comply with new and revised statutory accounting standards this year and 2017. This report highlights noteworthy accounting standard changes, provides a checklist of new statutory guidance, and more.
SEC Staff Issues Guidance about Guide 6
In this edition of KPMG’s Issues & Trends in Insurance, we provide clarification on the recently added Q&A 11310.1 to the SEC’s Financial Reporting Manual.
Disclosures about Short-Duration Insurance Contracts
In this edition of KPMG’s Issues & Trends in Insurance, we provide clarification on recent SEC staff observations during discussions with the AICPA Insurance Expert Panel on how acquisitions and disposals of businesses could be presented in disclosures about short-duration insurance contracts.
The operational burden and costs of implementing the forthcoming insurance contracts standard (IFRS 17) should be eased by decisions taken by the IASB this month.
The topics discussed by the Board were based on feedback received from the external testing of a draft IFRS 17. It made decisions and clarifications in several key areas, such as level of aggregation, recognition of changes in estimates, derivatives used to mitigate financial risk, and transition.
The Board also agreed on a mandatory effective date for IFRS 17 of annual periods beginning on or after 1 January 2021, assuming that it is published in the first half of 2017, as planned.
Find out more in this month’s newsletter.
With new standards on revenue, financial instruments and leases being finalised, and with the insurance contracts project nearing completion, the IASB has announced its five-year plan, following its analysis of a wide-ranging stakeholder consultation.
After an intense period of standard development, to maintain momentum on implementation, the emphasis is now on delivery, especially through better communication in financial reporting and improved engagement with key jurisdictions.
Read our web article to find out more.
In this series, KPMG professionals asses key regulatory and risk issues important to the insurance industry. In the latest chapter in this series, Global tax risks bring increased challenges for the insurance industry, we review challenges insurance companies face in regards to BEPS, transfer pricing, the rule of “permanent establishment”, and more.
Earlier this year, KPMG International interviewed more than 100 CEOs at some of the largest insurance companies around the world. We asked them about their greatest challenges and their business strategies. We talked about their investments into growth and innovation, and explored their greatest risks. Despite challenges there are plenty of bright spots.
Stay current on the latest industry M&A activity, statistics, and news. Also, see which country’s insurers show no signs of letting-up on overseas acquisitions.