Webinar discussing the data and system challenges of transition, and lessons learnt from other new IFRS accounting standards.

Transition is often viewed as one of the more challenging aspects of IFRS17. With a direct impact on the balance sheet and future profits for insurance companies, the choice of which transition approach to use is material.

Various options for transition are available: Fully Retrospective, Modified Retrospective and Fair Value, but deciding which approach to take will be based on several factors including systems, data, accounting policies and audit judgement.

IFRS17 requires you to separate the accounting for ceded reinsurance, as opposed to previous reporting standards where underlying insurance and reinsurance contracts could be bundled together. Several areas are particularly challenging in measuring reinsurance contracts such as netting of cashflows, pre-coverage cashflows and defining the contract boundary.

Date:  8th July 2021

Time: 10am UK / 11am Europe

Duration: 45 minutes

Attendees: Finance, Actuarial, Risk, IT

At this free event, we will discuss the data and system challenges of transition, and how a best-practice, cloud based, IFRS17 architecture can greatly assist your firm to deliver transition seamlessly and with minimal disruption. We will also look at the lessons learnt for transition with other new IFRS accounting standards.

The agenda will cover:

  • Transition methods
  • Issues to consider
  • Challenges of data
  • How the Cloud can help
  • IFRS17 transition demonstration

Legerity are the specialists in IFRS accounting change. Our FastPost Accounting Rules Engine allows the rapid adoption of new accounting standards and digital finance transformation with minimum disruption.

Legerity was recently awarded the IFRS17 Solution of the Year by InsuranceERM. With a rigorous selection process by an independent team of industry expert judges from across Europe and the UK, the InsuranceERM annual awards are recognition by the industry of all-round excellence.

We look forward to meeting you.