Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

DELOITTE GUIDES INSURANCE COMPANIES ON IFRS 17 STANDARD

DELOITTE GUIDES INSURANCE COMPANIES ON IFRS 17 STANDARD

Deloitte Middle East held an awareness session on IFRS 17 – Insurance Contracts in Dubai in December 2017. This session was hosted by Deloitte’s IFRS 17 leaders who have been actively involved in developing Deloitte’s response to the accounting standard, together with Deloitte’s Global team. The event was attended by regulators and business leaders representing leading insurance companies in the Middle East.

The International Accounting Standards Board (IASB) has published IFRS 17 on May 18, 2017 after years of deliberations. IFRS 17 supersedes IFRS 4 – Insurance Contracts and related interpretations, and is effective for periods beginning on or after January 1, 2021, with earlier adoption permitted if both IFRS 15 – Revenue from Contracts with Customers and IFRS 9 – Financial instruments have also been applied.

Samir Madbak, Deloitte Middle East Insurance Industry Leader said: “Deloitte expects that implementing the new IFRS 17 requirements will entail major changes to insurance companies’ actuarial and finance reporting processes, operating model, systems and data. This effort will likely generate implementation costs which are expected to be higher for life insurers than general insurers. The long-term coverage underpinning life insurance policies, together with the more common presence of options and guarantees in these policies, will require a much more granular set of accounting and actuarial data.”

“There will be drastic changes in the presentation of financial performance of insurance companies, which currently focuses on the gross written premium at large. The new reported profit approach considers amongst others items, the effects of contractual service margin, risk adjustment, economic and non-economic variances etc. which are relatively new terms”.

“The transition requirements, although simplified substantially late in the project, remain to be one of the most challenging aspects of the Standard, particularly for insurers with outstanding contract liabilities originated long before the date of transition,” concluded Sunder Nurani, Audit Partner, Deloitte Middle East

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post