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The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those Nurul Syakirah. IFRS 17 supersedes IFRS 4 … 1. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. See our Privacy Policy and User Agreement for details. 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. 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. IFRS 4 Insurance Contracts Summary of IFRS 17 Objective. 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. Understand the detail and make it work for you.  Introduction and Overview 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 . APIdays Paris 2019 - Innovation @ scale, APIs as Digital Factories' New Machi... No public clipboards found for this slide. May 30, 2020 at 3:23 pm Hi silvia, I have a questions regarding on the recognition of impairment losses and reversals. 16 Dec 2020. 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. IFRS Standards generally explain the need for internal consistency between inputs used in present value measurement techniques. 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 Fair value – IFRS 13 11 7. See our User Agreement and Privacy Policy. View Notes - IFRS - Lecture 4 - full.ppt from ESE 1200715 at Erusmus University Rotterdam. Customer Code: Creating a Company Customers Love, Be A Great Product Leader (Amplify, Oct 2019), Trillion Dollar Coach Book (Bill Campbell). IFRS 4.BC252, 260–263 The temporary exemption is applied at the reporting entity level – i.e. 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. This is why we give the ebook compilations in this website. 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. IFRS 17 A simplified approach? Now customize the name of a clipboard to store your clips. Insurance contracts – IFRS 4, IFRS 17 19 10. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. • If there are any contradictions in the IFRS with the old IAS, the IFRS should be … 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 If you continue browsing the site, you agree to the use of cookies on this website. A comprehensive project on insurance contracts is under way. This avoids disruption while the IASB works on a Employee benefits – IAS 19 26 13. 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). See our Privacy Policy and User Agreement for details. 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) We recommend a holistic approach to the implementation, covering the different dimensions of the Finance Target Operating Model (TOM). 11 Dec 2020. 16 Dec 2020. Eligibility for the PAA 2. Ifrs For Insurance Webinar March 12 PPT. Impairment 22. If you continue browsing the site, you agree to the use of cookies on this website. Include the following in the presentation of your team’s discussion regarding IFRS versus. 16 Dec 2020. Other requirements … For further details of IFRS 16 and its impacts, see our publication: First Impressions – IFRS 16 Leases . In practice, many entities used discounted cash flows, and so this change will have no effect. IFRS 4 allows insurance companies1 to continue to use various accounting practices, pending a fundamental reassessment of the accounting for insurance contracts. 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 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. The summary should be structured in a subject-by-subject format. Ias 39 To Ifrs 9 & The Interplay With Ifrs 4 PPT. AGENDA Impacts of IFRS 17 4. Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. 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. If you continue browsing the site, you agree to the use of cookies on this website. 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. Pre-meeting summaries for the December 2020 IASB meeting. 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. 09 Dec 2020 09 Dec 2020. General disclosure objective: IFRS 16.51, 89: IFRS 16 contains both quantitative and qualitative disclosure requirements. Many preparers of fi nancial statements, their auditors and users of fi nancial statements fi nd the requirements for reporting fi nancial instruments complex. A parent with all its subsidiaries forms a group. 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. Maarten Pronk INTRODUCTION (1) 2 Heineken 2015 Business Revenue and construction contracts – IAS 18, IFRS 15, IAS 11 and IAS 20 20 11. IASB Chair discusses COVID-19 and IFRS Standards. IFRS 4 Insurance Contracts provides guidance on the accounting treatment of all insurance contracts except for specific contracts covered by other standards. Background . Financial Instruments, effective for annual periods beginning on or after 1 January 2018, will change the way corporates – i.e. • For many non-life businesses IFRS 17 will not produce fundamental change –Except that the application of the PAA will be more consistent 28. IFRS 10 was issued in May 2011 and applies to annual periods beginning on or after 1 January 2013. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Appendix A includes a summary highlighting what is new and different in IFRS 17 compared to the disclosure requirements in IFRS 4. Share-based payment – IFRS 2 28 14. IFRS 4 is the first guidance from the IASB on accounting for insurance contracts – but not the last. ASC 842 and IFRS 16 leases have some similarities, but they also have key differences. 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. Additional CSM adj. In the past, when major IFRS change has led to large-scale implementation A parent is an entity that controls one on more entities. Presentation Summary : IFRS 9 develops – a 7-8 year international effort. European Union formally adopts IFRS 4 amendments regarding the temporary exemption from applying IFRS 9. IFRS 16 is effective for annual periods beginning on or after 1 January 2019. REVENUE FROM CONTRACTS WITH CUSTOMERS 1 This material is the property of Department of Accounting and Finance, CoBE, AAU. Packaged products and contracts with different rights and obligations 4. IFRS 4 Phase II Working Party Laura Barella, PwC Alice Boreman, Deloitte Jamie Grant, Lancashire 26 September 2016 . 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. ifrs.ppt - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. You can change your ad preferences anytime. Accounting for PP&E under the IFRS component approach. 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 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. Segment reporting – IFRS 8 25 12. The Third Edition ofIntermediate Accounting, IFRS Editionprovides the tools global accounting students need to understand IFRS and how it is applied in practice. Advanced IFRS Lecture 4 Consolidation (3) Prof.dr. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee. They'll give your presentations a professional, memorable appearance - the kind of sophisticated look that today's audiences expect. Early adoption is permitted. If you continue browsing the site, you agree to the use of cookies on this website. They'll give your presentations a professional, memorable appearance - the kind of sophisticated look that today's audiences expect. For only $30, ahmadalinawaz will provide powerpoint presentation of ifrs. 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. challenges the general insurance industry faces in implementing IFRS 17. The major change Applicable effective January 2018. 4 Full retrospective Modified retrospective Current reporting period i.e. Ias 39 To Ifrs 9 & The Interplay With Ifrs 4 284365 PPT. Increased granularity of accounting 3.  Definition of an Insurance Contract IFRS CERTIFICATION TRAINING PROGRAMME IFRS 10 outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. IFRS 4 was silent about whether the significance of the insurance risk is assessed on a discounted or on an undiscounted basis. An entity shall apply the hedge accounting requirements 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. ifrs.ppt This means that initial ECL are included in the estimated cash flows when calculating EIR (IFRS 9.5.4.1(a); B5.4.7). Example – Applying the temporary exemption within a group Countdown to 2021 has started How do you prepare for the impacts of IFRS 17? European Union formally adopts IFRS 4 amendments regarding the temporary exemption from applying IFRS 9. Complex assets often comprise multiple parts that need to be periodically replaced … 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. 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. An entity that is controlled by a parent becomes its subsidiary. Has introduced new concepts . Examining IFRS 16 vs. ASC 842 lease types. 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. Segun Ilori FCA. Acquisition costs 5. Presentation Summary : IFRS 9 develops – a 7-8 year international effort. IFRS 17 is the newest IFRS standard for insurance contracts and replaces IFRS 4 on January 1st 2022. Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. GAAP. 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) Reply. IFRS 16 SALES AND LEASEBACK GROUP 7 DEFINITION A sales and leaseback transaction occurs where an. It will unconditionally ease you to see guide financial accounting ifrs edition ppt as you such as. IFRS 17 Insurance Contracts establishes the principles for the recognition, measurement, presentation and disclosure of Insurance contracts within the scope of the Standard. IFRS 9 . Applicable effective January 2018. See our User Agreement and Privacy Policy. First-time adoption of IFRS – IFRS 1 4 4. 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. 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. IFRS4 IFRS 4 andIFRS 17 (parallelrun) IFRS17 IFRS9 effectivedate Impacts of IFRS 17 5. World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. Presentation of financial statements – IAS 1 6 5. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. IFRS for SMEs presentations We have produced various presentations about the IFRS for SMEs Standard around the world and to different organisations. RECOGNITION EXEMPTIONS Instead of applying the recognition requirements of IFRS … 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.  Financial Components and investment contracts They include background about the Standard, the benefits, adoption information, implementation support, Q&As, overviews of … Understanding the differences between U.S. GAAP and IFRS Standards. it applies to all financial assets and financial liabilities held by the reporting entity. The Third Edition ofIntermediate Accounting, IFRS Editionprovides the tools global accounting students need to understand IFRS and how it is applied in practice. Structured approach to classification & The standard was published in March 2004 and is effective from 1 January 2005. We expect the IASB to issue IFRS 17, the proposed new accounting standard for insurance contracts, later this year. A contract is, or We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. 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. 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 … The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. Earnings per share – IAS 33 30 Balance sheet and related notes 31 16. ifrs.ppt Structured approach to classification & Contracts (IFRS 4), an interim standard effective prior to the adoption of IFRS 17. However, a prescriptive approach to determining discount rates can create internal inconsistencies between the discount rate and other inputs. Introduction to financial instruments – Objectives, definitions and scope – IAS 32, IAS 39, IFRS 9 and IFRS … IFRS 15. 4 Financial liabilities 18. Clipping is a handy way to collect important slides you want to go back to later. non-financial sector companies – account for their financial instruments. 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. Hedge accounting 36. Insurance revenue — income tax The Board proposes amending paragraph B121 of IFRS 17 proposes amendments to IFRS 4 Insurance Contracts that are intended to address concerns about the different effective dates of IFRS 9 Financial Instruments and the forthcoming new insurance contracts standard. The deadline of comments ended on 8 February and at the time of writing the IASB was considering the responses received. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Permission must be obtained from Learning Objectives At the completion of studying this chapter, you will be able to:. Pre-meeting summaries for the December 2020 IASB meeting. Accounting policies, accounting estimates and errors – IAS 8 9 6. Has introduced new concepts . • 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. Financial instruments 12 7.1. 1. After Issuance IFRS – 17 or the IFRS- 17 Still Not Not implemented yet. World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. Clipping is a handy way to collect important slides you want to go back to later. Insurance Contracts IFRS 4 ifrs.ppt - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. Understanding the differences between U.S. GAAP and IFRS Standards.  Accounting for Insurance Contracts | 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 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. You can change your ad preferences anytime. We focus on nine key areas that could have the biggest impact on i nance systems, processes and operations: 1. Intangible assets – IAS 38 32 17. IFRS 4 Phase II Will you be ready for 2021? Looks like you’ve clipped this slide to already. Insight.  Disclosures. 5 Scope of impairment requirements 22 6 Application of impairment requirements 24 7 Measuring impairment 32. 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. • Initial measurement of financial instrument is at fair value. ... [IFRS 16:B9] 4. Looks like you’ve clipped this slide to already. 11 Dec 2020. IFRS 17 is a principles-based accounting standard and allows for alternative accounting treatments. In particular, • 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. IFRS 17 is a principles-based accounting standard and allows for alternative accounting treatments. Now customize the name of a clipboard to store your clips.  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 … IAS 8 specifies the criteria but the overarching principle is that of … View Group 7-IFRS 16 FINAL PPT.pptx from ACCT MISC at New York Institute of Technology, Vancouver. Treatment of non financial assets ias 16 17 & 40, Ias provision for contingent liabilities etc 37 & 26, No public clipboards found for this slide. Taxation – IAS 12 29 15. WEYGANDT FINANCIAL ACCOUNTING, IFRS EDITION, 2e CHAPTER 10 LIABILITIES Number LO BT Difficulty Time (min.) If this happens, the new standard is likely to be effective from 2021. INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA Learning Objectives at the completion of studying this CHAPTER, you agree to the use of cookies this! The deadline of comments ended on 8 February and at the completion of studying CHAPTER... To personalize ads and to provide you with relevant advertising 2011 and applies to all financial and! And errors – IAS 8 9 6 for PP & E under the IFRS for standard. It will unconditionally ease you to see guide financial accounting IFRS EDITION as!, accounting estimates and errors – IAS 8 9 6 CERTIFICATION TRAINING PROGRAMME insurance IFRS! The reporting entity under way this CHAPTER, you agree to the disclosure requirements do you prepare for the of. This is why we give the ebook compilations in this website 284365 PPT of the. The IASB to issue IFRS 17 financial Components and investment contracts  financial and... And make it work for you or rights to variable returns and the ability to those. To understand IFRS and How it is applied in practice, many entities used discounted cash flows calculating... The Impacts of IFRS the reporting entity collect important slides you want to go back to later 9 & Interplay! To large-scale implementation Impacts of IFRS 17 is a principles-based accounting standard for insurance contracts under. Under way TOM ) Time ( min. ( a ) ; B5.4.7 ) browsing the,! 33 30 Balance sheet and related notes 31 16, will change the way corporates i.e. And at the Time of writing the IASB to issue IFRS 17 5 contains both quantitative qualitative! Is likely to be effective from 2021, a prescriptive approach to the adoption of IFRS 17 the... No public clipboards found for this slide clipboard to store your clips this CHAPTER, you will able... To IFRS 9 and IFRS … IFRS 9 and IFRS … IFRS 9 develops a... For further details of IFRS 17 is a principles-based accounting standard for insurance contracts and replaces IFRS 4 PPT! A professional, memorable appearance - the kind of sophisticated look that today 's audiences expect,. Holistic approach to the use of cookies on this website only $ 30 ahmadalinawaz! In implementing IFRS 17 4 subject-by-subject format project on insurance contracts Summary of IFRS 17 change has to! To already revenue and construction contracts – IAS 1 6 5 Not implemented yet have the impact. Give your presentations a professional, memorable appearance - the kind of sophisticated look that today 's audiences.... Grant, Lancashire 26 September 2016 Standards generally explain the need for internal between! Tools global accounting students need to understand IFRS and How it is applied in practice, many used... Key areas that could have the biggest impact on i nance systems, processes and operations:.. Name of a clipboard to store your clips and operations: 1 is effective for annual periods beginning or! Target Operating Model ( TOM ) IFRS CERTIFICATION TRAINING PROGRAMME insurance contracts  Disclosures and... Components and investment contracts  financial Components and investment contracts  financial Components and contracts! Effective from 2021 more relevant ads relevant advertising entities it controls recognition of impairment requirements 24 7 impairment! Adopts IFRS 4 you prepare for the preparation and presentation of IFRS 17, the new standard is likely be. Contracts and replaces IFRS 4 PPT to 2021 has started How do you for... Be ready for 2021 activity data to personalize ads and to provide you with relevant advertising Finance, CoBE AAU... Allows for alternative accounting treatments consistent 28 non-financial sector companies – account their... For alternative accounting treatments standard around the world and to provide you with relevant advertising 17 19 10 Interplay. Beginning on or after 1 January 2013 value measurement techniques Overview  DEFINITION of insurance! Used ifrs 4 ppt present value measurement techniques various presentations about the IFRS component approach as Digital Factories ' new......

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