• The International Financial Reporting Standards or in short IFRS is the current and updated version of the IAS and is issued by a new standard making body, the IASB. DEFINITION OF INSURANCE CONTRACTS  The definition of IFRS 4 refers to some traditional features of insurance contracts, distinguishing them from financial instruments. IFRS 10 applies to all entities that are a parent, except for those meeting the criteria for scope exemption set out in IFRS 10.4-4B. Segun Ilori FCA. Insurance Contracts IFRS 4 Your discussion should include the answers to the following: (2 slides each bullet point) IFRS 4-1: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP. IFRS 17 deliberations complete, balloting begins 23 Sep 2016 Completion of field testing 18 May 2017 Publication date for IFRS 17 1 Jan 2020 * Comparatives and IAS 8 disclosures –Transition date IFRS 17 & IFRS 9 1 Jan 2021 Effective date IFRS 17 and IFRS 9 (deferral approach) 1 Jan 2018 Effective date IFRS 9 (full application or overlay approach) 1. An entity that is controlled by a parent becomes its subsidiary. 4 IFRS 16 Leases: Key Concepts IFRS 16 requires the recognition of assets and liabilities on the balance sheet for all leases(i) • IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure ofleases. Permission must be obtained from Learning Objectives At the completion of studying this chapter, you will be able to:. IFRS 17 A simplified approach? Applicable effective January 2018. IFRS 4, which was issued in 2004, enables existing practices to be maintained or ‘grandfathered’ and was intended as a stopgap measure pending a more fundamental reassessment of the accounting for insurance contracts. IFRS 4 allows insurance companies1 to continue to use various accounting practices, pending a fundamental reassessment of the accounting for insurance contracts. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. In particular, Now customize the name of a clipboard to store your clips. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Ias 39 To Ifrs 9 & The Interplay With Ifrs 4 284365 PPT. Dec 2019 IFRS 16 IFRS 16 Prior period Dec 2018 IFRS16 IAS 17 Date of adjustment in opening equity 01 January 2018 01 January 2019 Cost Comparability  Disclosures. It will unconditionally ease you to see guide financial accounting ifrs edition ppt as you such as. Concessions • IFRS 4 permits temporary waiver of full compliance with the criteria for selecting accounting policies (where no specific IFRS is available) relating to insurance contracts. Other requirements … Structured approach to classification & Looks like you’ve clipped this slide to already. IFRS 17 for seven sweep issues What you need to know At its meeting on 20 May 2020, the IASB discussed seven “sweep issues” identified during the balloting process for ... 4. Fair value – IFRS 13 11 7. In the past, when major IFRS change has led to large-scale implementation If you continue browsing the site, you agree to the use of cookies on this website. Revenue and construction contracts – IAS 18, IFRS 15, IAS 11 and IAS 20 20 11. IFRS 17 – Insurance Contacts Technical summary of IFRS 17 Objective IFRS 17 Insurance contracts establishes the principles for the recognition, measurement, presentation and disclosure of Insurance contracts within the scope of the Standard. Background . • For many non-life businesses IFRS 17 will not produce fundamental change –Except that the application of the PAA will be more consistent 28. Structured approach to classification & IASB Chair discusses COVID-19 and IFRS Standards.  Introduction and Overview IFRS 10 outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. • Initial measurement of financial instrument is at fair value. Many preparers of fi nancial statements, their auditors and users of fi nancial statements fi nd the requirements for reporting fi nancial instruments complex. This is why we give the ebook compilations in this website. 8 Accounting policy for hedge accounting 36 9 Aligning hedge accounting with risk management 37 10 Costs of hedging 39 11 Risk components 42 12 Hedged items 45 13 Hedge effectiveness assessment 50. Ifrs 4 Insurance Contracts The Accounting Library PPT Presentation Summary : IFRS 4 permits insurers to retain most aspects of their previous accounting for insurance contracts . 11 Dec 2020. Nurul Syakirah. For only $30, ahmadalinawaz will provide powerpoint presentation of ifrs. If you continue browsing the site, you agree to the use of cookies on this website. Increased granularity of accounting 3. They'll give your presentations a professional, memorable appearance - the kind of sophisticated look that today's audiences expect. Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 … 4 | IFRS 9 Financial Instruments | July 2014 Project background IFRS 9 replaces IAS 39, one of the Standards inherited by the IASB when it began its work in 2001. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Under IFRS 4, all types of assumption changes that affect future liability are treated similarly and go on adjusting the reserves and this often leads to erratic reserve release patterns and profit signatures. The Third Edition ofIntermediate Accounting, IFRS Editionprovides the tools global accounting students need to understand IFRS and how it is applied in practice. Impairment 22. Hedge accounting 36. Presentation Summary : IFRS 9 Hedge Accounting mandatory effective date expected to be periods beginning on or after 1/01/2015 IFRS 9 and IFRS 4 effective dates will likely not align The major change It may happen that after a modification of contractual terms resulting in derecognition of the original financial asset, there may be evidence that the modified financial asset is credit-impaired at initial recognition. Ias 39 To Ifrs 9 & The Interplay With Ifrs 4 PPT. European Union formally adopts IFRS 4 amendments regarding the temporary exemption from applying IFRS 9. GAAP. See our User Agreement and Privacy Policy. If you continue browsing the site, you agree to the use of cookies on this website. IFRS 5 Non-current Assets held for Sale and Discontinued Operations Accounting summary 2017 - 04 1 Objective The objective of this IFRS is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. Advanced IFRS Lecture 4 Consolidation (3) Prof.dr. 16 Dec 2020. Treatment of non financial assets ias 16 17 & 40, Ias provision for contingent liabilities etc 37 & 26, No public clipboards found for this slide. ifrs.ppt Customer Code: Creating a Company Customers Love, Be A Great Product Leader (Amplify, Oct 2019), Trillion Dollar Coach Book (Bill Campbell). IFRS (Current IFRS 4 basis) Operating profit* Total assets Liabilities to policyholders Shareholders’ equity 4.4 466.1 403.3 15.9 European Embedded Value and other metrics New business - sales** - profits Operating profit* Underlying free surplus generation Shareholders’ equity 6.3 3.1 5.7 4.1 40.9 * Based on longer-term investment returns IFRS 4.BC252, 260–263 The temporary exemption is applied at the reporting entity level – i.e. 4 IFRS 16 Leases: Key Concepts IFRS 16 requires the recognition of assets and liabilities on the balance sheet for all leases(i) • IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure ofleases. Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. Employee benefits – IAS 19 26 13. Under IFRS 4, all types of assumption changes that affect future liability are treated similarly and go on adjusting the reserves and this often leads to erratic reserve release patterns and profit signatures. Accounting policies, accounting estimates and errors – IAS 8 9 6. Understand the detail and make it work for you. Looks like you’ve clipped this slide to already. It states which insurance contracts items should by on the balance and the profit and loss account of an insurance company, how to measure these items and how to present and disclose this information. How are you my teacher i just wanna to ask is still there (IFRS – 4 ) as you wright • Contractual rights under insurance contracts as defined in IFRS 4 Insurance Contracts. IFRS 4 Insurance Contracts provides guidance on the accounting treatment of all insurance contracts except for specific contracts covered by other standards. A comprehensive project on insurance contracts is under way. An entity shall apply the hedge accounting requirements Include the following in the presentation of your team’s discussion regarding IFRS versus. it applies to all financial assets and financial liabilities held by the reporting entity. IFRS 4 Insurance Contracts Summary of IFRS 17 Objective. 11 Dec 2020. IFRS 4 Phase II Working Party Laura Barella, PwC Alice Boreman, Deloitte Jamie Grant, Lancashire 26 September 2016 . After Issuance IFRS – 17 or the IFRS- 17 Still Not Not implemented yet. The reporting challenge In the coming years, insurers will need to interpret, understand and apply the new Standard to their insurance contracts and reporting — a process involving significant time and effort. IAS 8 specifies the criteria but the overarching principle is that of … IFRS 17 and IFRS 9 ridging the a This new Insurance Standard, focusing on insurance liability reporting, will have far-reaching consequences for an insurer in terms of modelling, data, processes and systems; ultimately resulting in a fundamentally different statement of comprehensive income and more onerous disclosure requirements. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. A parent is an entity that controls one on more entities. European Union formally adopts IFRS 4 amendments regarding the temporary exemption from applying IFRS 9. See our Privacy Policy and User Agreement for details. You can change your ad preferences anytime. Complex assets often comprise multiple parts that need to be periodically replaced … • If there are any contradictions in the IFRS with the old IAS, the IFRS should be … Contracts (IFRS 4), an interim standard effective prior to the adoption of IFRS 17. Packaged products and contracts with different rights and obligations 4. ifrs.ppt - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. IFRS 17 Insurance Contracts establishes the principles for the recognition, measurement, presentation and disclosure of Insurance contracts within the scope of the Standard. An entity applies the impairment requirements in IFRS 9.5.5 to financial assets that are measured at amortised cost in accordance with IFRS 9.4.1.2 and to financial assets that are measured at fair value through other comprehensive income in accordance with IFRS 9.4.1.2A. Earnings per share – IAS 33 30 Balance sheet and related notes 31 16. Has introduced new concepts . If this happens, the new standard is likely to be effective from 2021. Insurance revenue — income tax The Board proposes amending paragraph B121 of IFRS 17 Appendix A includes a summary highlighting what is new and different in IFRS 17 compared to the disclosure requirements in IFRS 4. ... [IFRS 16:B9] 4. IFRS 16 is effective for annual periods beginning on or after 1 January 2019. Presentation Summary : IFRS 9 develops – a 7-8 year international effort. Clipping is a handy way to collect important slides you want to go back to later. Financial instruments 12 7.1. Reply. IFRS 16 SALES AND LEASEBACK GROUP 7 DEFINITION A sales and leaseback transaction occurs where an. IFRS4 IFRS 4 andIFRS 17 (parallelrun) IFRS17 IFRS9 effectivedate Impacts of IFRS 17 5. 16 Dec 2020. World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. Taxation – IAS 12 29 15. Understanding the differences between U.S. GAAP and IFRS Standards. RECOGNITION EXEMPTIONS Instead of applying the recognition requirements of IFRS … 16 Dec 2020. Additional CSM adj. IFRS Standards generally explain the need for internal consistency between inputs used in present value measurement techniques. Impacts of IFRS 17 4. IFRS 17 is a principles-based accounting standard and allows for alternative accounting treatments. IFRS for SMEs presentations We have produced various presentations about the IFRS for SMEs Standard around the world and to different organisations. REVENUE FROM CONTRACTS WITH CUSTOMERS 1 This material is the property of Department of Accounting and Finance, CoBE, AAU. IFRS 4 Insurance Contracts The objective of this IFRS is to specify the financial reporting for insurance contracts by any entity that issues such contracts (described in this IFRS as an insurer) until the Board completes the second phase of its project on insurance contracts. See our User Agreement and Privacy Policy. View Notes - IFRS - Lecture 4 - full.ppt from ESE 1200715 at Erusmus University Rotterdam. View Group 7-IFRS 16 FINAL PPT.pptx from ACCT MISC at New York Institute of Technology, Vancouver. The deadline of comments ended on 8 February and at the time of writing the IASB was considering the responses received. Pre-meeting summaries for the December 2020 IASB meeting. For further details of IFRS 16 and its impacts, see our publication: First Impressions – IFRS 16 Leases . General disclosure objective: IFRS 16.51, 89: IFRS 16 contains both quantitative and qualitative disclosure requirements. 09 Dec 2020 The Third Edition ofIntermediate Accounting, IFRS Editionprovides the tools global accounting students need to understand IFRS and how it is applied in practice. Ifrs For Insurance Webinar March 12 PPT. IFRS 9 . This means that initial ECL are included in the estimated cash flows when calculating EIR (IFRS 9.5.4.1(a); B5.4.7). 1. Segment reporting – IFRS 8 25 12. IFRS 4 was silent about whether the significance of the insurance risk is assessed on a discounted or on an undiscounted basis. APIdays Paris 2019 - Innovation @ scale, APIs as Digital Factories' New Machi... No public clipboards found for this slide. The standard was published in March 2004 and is effective from 1 January 2005. Early adoption is permitted.  IFRS 4 definition: “ a contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future … Intangible assets – IAS 38 32 17. IFRS 4 Phase II Will you be ready for 2021? INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA Financial Instruments, effective for annual periods beginning on or after 1 January 2018, will change the way corporates – i.e. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising.  Definition of an Insurance Contract PwC 4 Figure 1: Solvency II versus IFRS requirements1 Solvency II IFRS: Non-participating investment contracts IFRS 17: Insurance contracts • Contracts separated into financial instrument and investment management service component (assessed primarily under IFRS 9 and IFRS 15). In practice, many entities used discounted cash flows, and so this change will have no effect. ASC 842 and IFRS 16 leases have some similarities, but they also have key differences. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. IFRS 17 is the newest IFRS standard for insurance contracts and replaces IFRS 4 on January 1st 2022. Countdown to 2021 has started How do you prepare for the impacts of IFRS 17? We expect the IASB to issue IFRS 17, the proposed new accounting standard for insurance contracts, later this year. IFRS CERTIFICATION TRAINING PROGRAMME However, a prescriptive approach to determining discount rates can create internal inconsistencies between the discount rate and other inputs. Example – Applying the temporary exemption within a group IFRS 17 Income Statement 9 9 P&L 20X1 20X0 Insurance revenue 9,856 8,567 Insurance service expenses (9,069) (8,489) Incurred claims and insurance contract expenses (7,362) (7,012) Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. Insight. Presentation of financial statements – IAS 1 6 5. WEYGANDT FINANCIAL ACCOUNTING, IFRS EDITION, 2e CHAPTER 10 LIABILITIES Number LO BT Difficulty Time (min.) The Board is at an advanced stage in its project to replace IFRS 4 with a new IFRS Standard that sets out comprehensive requirements for insurance contracts. • Phase 2—completed in 2017 by issuing IFRS 17—focused on the measurement and presentation of insurance contracts and the development of a comprehensive IFRS Standard for insurance contracts. Understanding the differences between U.S. GAAP and IFRS Standards. IFRS 17 is a principles-based accounting standard and allows for alternative accounting treatments. Introduction to financial instruments – Objectives, definitions and scope – IAS 32, IAS 39, IFRS 9 and IFRS … 09 Dec 2020. IFRS 17 supersedes IFRS 4 … The summary should be structured in a subject-by-subject format. This avoids disruption while the IASB works on a See our Privacy Policy and User Agreement for details. Accounting for PP&E under the IFRS component approach. 4 Full retrospective Modified retrospective Current reporting period i.e. The emphasis on fair value, the proper accounting for financial instruments, and the new developments related to leasing, revenue recognition, and financial statement presentation are examined in light of current practice. Share-based payment – IFRS 2 28 14.  Financial Components and investment contracts They'll give your presentations a professional, memorable appearance - the kind of sophisticated look that today's audiences expect. We focus on nine key areas that could have the biggest impact on i nance systems, processes and operations: 1. Eligibility for the PAA 2. Presentation Summary : IFRS 9 develops – a 7-8 year international effort. We recommend a holistic approach to the implementation, covering the different dimensions of the Finance Target Operating Model (TOM). You can change your ad preferences anytime. IFRS 9 ECL Model validation framework 4 — Frequent (monthly/quarterly) on model performance — Contains only mandatory quantitative tests and high-level qualitative assessment — Base for decision on more in-depth validation Model Monitoring Report IFRS 9 Model monitoring report 2 ifrs.ppt 4 Financial liabilities 18. challenges the general insurance industry faces in implementing IFRS 17. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those ifrs.ppt - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. The Board issued IFRS 4 because it saw an urgent need for improved disclosures for insurance contracts, and some improvements to recognition and measurement practices, in time for the adoption of IFRS by listed companies throughout Europe and elsewhere in 2005. Where To Download Financial Accounting Ifrs Edition Ppt Financial Accounting Ifrs Edition Ppt When people should go to the books stores, search launch by shop, shelf by shelf, it is in fact problematic. Maarten Pronk INTRODUCTION (1) 2 Heineken 2015 Business 5 Scope of impairment requirements 22 6 Application of impairment requirements 24 7 Measuring impairment 32. May 30, 2020 at 3:23 pm Hi silvia, I have a questions regarding on the recognition of impairment losses and reversals. A contract is, or A parent with all its subsidiaries forms a group. World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. IFRS 4 is the first guidance from the IASB on accounting for insurance contracts – but not the last. Therefore, a parent controlling a sub-group that is consolidated at higher level under IFRS, and is not publicly listed, need not prepare consolidated financial statements if all the criteria contained in IFRS 10.4a are met. | This gig covers all of the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), their related interpretations and solutions.First time adoption of IFRSIFRS | On Fiverr Examining IFRS 16 vs. ASC 842 lease types. If you continue browsing the site, you agree to the use of cookies on this website.  Accounting for Insurance Contracts Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Insurance contracts – IFRS 4, IFRS 17 19 10. Pre-meeting summaries for the December 2020 IASB meeting. IFRS 10 was issued in May 2011 and applies to annual periods beginning on or after 1 January 2013. Has introduced new concepts . Applicable effective January 2018. The emphasis on fair value, the proper accounting for financial instruments, and the new developments related to leasing, revenue recognition, and financial statement presentation are examined in light of current practice. They include background about the Standard, the benefits, adoption information, implementation support, Q&As, overviews of … non-financial sector companies – account for their financial instruments. Clipping is a handy way to collect important slides you want to go back to later. IFRS 15. Now customize the name of a clipboard to store your clips. Acquisition costs 5. 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