IFRS 4 Phase II – Insurance Contract Accounting

November 19, 2015  • Courtyard by Marriott Hotel, Toronto

The IASB project on accounting for insurance contracts, IFRS 4, Phase II, will establish a new global standard for accounting and reporting of insurance contracts.  It clearly embodies the IASB’s commitment to an approach that severs the link between insurance assets and liabilities for accounting purposes.  Redeliberations on the most recent exposure draft are nearing a conclusion and many critical decisions have been reached.

CPE Hours: Conference – 6.5 hours

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Event Overview

The IASB project on accounting for insurance contracts, IFRS 4, Phase II, will establish a new global standard for accounting and reporting of insurance contracts.  It clearly embodies the IASB’s commitment to an approach that severs the link between insurance assets and liabilities for accounting purposes.  Redeliberations on the most recent exposure draft are nearing a conclusion and many critical decisions have been reached.

Moving forward, insurers will be compelled to deal with significant new volatility on financial statements.  These changes, and the resulting financial statement impact, will have appreciable collateral impact – products may be discontinued, investment strategies will be altered, regulatory capital and required ratios are significantly affected.

 IFRS 4, Phase II – Insurance Contract Accounting has been specifically tailored to summarize and update full spectrum of issues under consideration by the IASB as the project nears its conclusion.  Looking not only at the direct accounting consequences but also at operational, regulatory and capital markets implications, this event is the most complete assessment of the IASB reforms that you will find anywhere in Canada.

This signature event provides a first-hand opportunity to hear from, and speak with, leading national experts on IFRS, insurance accounting, financial reporting, and regulatory compliance.  In addition, you will have a unique opportunity to meet with your peers to discuss how they are responding to the challenges that will be presented by the new standard.

Registration Fees

Registration
Options
Before
October  8, 2015
Before
October 22, 2015
After
October 22, 2015
IFRS 4, Phase II - Insurance Contract Acc't   $999.00 + HST $1,049.00 + HST $1,099.00 + HST

Our HST Number: R862562543

Group Discount: Fourth Delegate FREE!

If three individuals from one organization register at the same time, a fourth person may also be registered to attend free of charge. The free registration must be of equal or lesser value than the paid registrations. Please contact us to arrange for attendance of larger groups.

Your Registration Includes

Registration fees include all conference materials, continental breakfast, lunch and refreshments. Parking and accommodation are not included.

FREE CONFERENCE WORKBOOK

As a registered delegate, you will receive a complete set of conference materials. These materials will serve as an invaluable guide, both during and after the event. The workbook will be distributed on the morning of the first day beginning at 8:00 a.m.

Cancellation Policy

Substitutions may be made at any time. If you are unable to attend, please make cancellations in writing and fax to (416) 504-6978 prior to 5:00 p.m. on November 5, 2015. A credit voucher will be issued to you for the full amount, redeemable against any other Acumen conference. If you prefer, you may request for a refund of fees paid less $250 administration fee. Registrants who cancel after above date will not be eligible to receive any credits or refunds and are liable for the entire registration fees.

Confirmed delegates who do not cancel before November 5, 2015, and fail to attend will be liable for the entire registration fees.

 

Acumen Information Services reserves the right to change the date, location and content for the event(s) offered herein without further notice and assumes no liability for such changes.

Location, Accommodation

The conference will be held at the:

Courtyard by Marriott
475 Yonge Street
Toronto, Ontario
M4Y 1X7

Tel: 416-924-0611 or (toll free) 1-800-847-5075

Rooms and discounted rate  for Acumen delegates held until November 5. After this date rates will be based on availability in the hotel. Those delegates booking hotel accommodations should identify themselves as being with the Acumen Group.

Delegates can register at the Acumen service desk beginning at 8:00 a.m. on the morning of the first day of the conference. Registration fees do not include hotel accommodation.

Savings on Airfare

We have appointed Air Canada as the official airline for this event. Simply contact Air Canada’s North America toll free number at 1-800-361-7585 or your travel agent and take advantage of Special Discounted Airfares. Our convention number is DCWMZJ91.

By ensuring this convention number appears on your ticket, you will be supporting Acumen in providing these services.

 

9:00 a.m. -  9:05 a.m.
Opening Remarks from the Chair

Neil Harrison, Partner, Deloitte LLP

9:05 a.m. – 9:45 a.m.
IASB Insurance Contracts – Assessing Re-Deliberations To Date and Industry Impact

Neil Harrison, Partner, Deloitte LLP

  • Brief summary of the project to date – where we are now and what remains
  • Re-deliberations and decisions reached – changes since the 2013 ED
  • Overview of the measurement model in light of redeliberations
  • Highlights of interaction with other existing/pending standards including

9:45 a.m. – 10:30 a.m.
Decisions To Take Now and To Plan – P&C and Life

Neil Parkinson, Partner, KPMG LLP

10:30 a.m. – 10:45 a.m.  – Morning Networking Break

10:45 a.m. – 11:30 p.m.
Changes to Insurance Contract Measurement – What to Expect

Doru Pantea, Partner, Ernst & Young LLP

  • Initial measurement of insurance contracts
    • initial recognition
    • immediately after recognition
  • Portfolio definition and unit of account:  aggregation considerations
  • Determination of liquidity of liability
  • Bottom up or top down? – development of the discount rate
  • Issues in setting estimation techniques and accounting policies
  • Disclosure of changes in discount rates from period to period
    • non-participating
    • participating
  • Discounting and OCI – Main Issues
  • Accounting mismatches that may not be reduced or eliminated
  • Risk margins and unlocking CSM

11:30 a.m. – 12:30 p.m.
Practical Examples of Applying IFRS 4, Phase II – Examining the Impact

Leigh Chalmers, Partner, PricewaterhouseCoopers LLP
Owen Thomas, Senior Manager, PricewaterhouseCoopers LLP

  • Demonstrative examples using select products
    • Property and Casualty – portfolio of one year liability policies
      • impact of discounting, risk margin and changes in discount rates during the settlement period
    • Life – portfolio of T-10 term life policies
      • initial calculation of the building blocks
      • how changes in assumptions are recorded in subsequent periods

12:30 p.m. – 1:30 p.m.  –  Luncheon

1:30 p.m. – 2:15 p.m.
Participating Contracts:– Decisions, Re-Deliberations  - What To Expect

Mary Trussell, Partner, KPMG LLP

  • Update on IASB decisions and deliberations related to participating contracts
    • how the provisions work and what they apply to
    • scoping of products for variable fee approach
    • indirect vs. direct participating contracts
  • Understanding and applying the variable fee approach
  • Unlocking and release of CSM in participating contracts
  • Recognition of CSM
    • how recent decisions differ from prior ED’s
  • Hedging of options and guarantees
  • What can be learned from the use of the MCEV in Europe?
  • Applying the proposed model to common examples of participating contracts
  • Collateral issues affecting non-participating contracts

2:15 p.m. – 3:00 p.m.
IFRS 9, IFRS 4, Phase II and Accounting for Financial Instruments of Insurance Companies

Elaine Hultzer, Partner, Deloitte LLP

  • Overview of IFRS 9 as it applies to insurance industry assets/liabilities
  • Interaction of IFRS 4, Phase II with IFRS 9 classification and measurement criteria
  • Issues to anticipate resulting from the implementation gap between IFRS 9 and IFRS 4, Phase II
  • How the FVOCI under IFRS 9 interacts with IFRS 4, Phase II accounting model
  • Impact of IFRS 9 changes to hedge accounting on hedging to mitigate financial statement volatility
  • Update on macro-hedging project – what it will mean for insurers

3:00 p.m. – 3:15 p.m. – Afternoon Networking Break

3:15 p.m. – 4:00 p.m.
Transition to the New Insurance Contract Accounting Regime

Doru Pantea, Partner, Ernst & Young LLP

  • Retrospective application for measurement and derecognition
    • contracts included for retrospective analysis
  • CSM on transition for contracts applying building block approach
    • measuring present value of fulfillment cash flows without CSM
    • looking at how to estimate the margin in the absence of IASB guidance
  • Calculation of discount rate at transition
  • Re-designation of eligible financial assets
  • Restatement of comparative financial information
    • issues arising related to IFRS 9
  • Key presentation and reporting issues to consider
  • Dual reporting prior to and after transition

4:00 p.m. – 5:00 p.m.
Panel: Assessing the Business Impact of IFRS 4, Phase II – Industry Perspectives

Moderator: Neil Parkinson, Partner, KPMG LLP

TBA
TBA
TBA

  • Looking at the business impact of implementing new insurance contracts accounting standards
  • Financial and corporate reporting challenges
    • how will users be able to understand the figures?
    • Year one implications for financial statements
  • What accounting changes will mean to future operations
    • increaased volatility and steps taken to ease volatility
    • impact of measurement requirements on systems and data management

End of Conference

Who Should Attend

This conference has been specifically designed for, and in consultation with, experts in accounting for financial institutions as well as standard setters.

The event has been developed with the professional responsibilities of our audience as our focus.  As well, auditors, financial advisors, analysts, lawyers and other advisory professionals would benefit from staying current on the information provided at this timely event.  In particular, our experience indicates that individuals in the following positions would mostly likely be in attendance:

  • Chief Financial Officers
  • Chief Actuaries
  • Chief Compliance Officers
  • Chief Risk Officers
  • VPs, Directors and ManagersAccounting
    • Actuarial Accounting
    • Financial & Regulatory  Reporting
    • Finance
    • Regulatory Compliance
  • Risk Managers
  • Actuaries
  • Internal Auditors
  • Controllers
  • Audit Committee Members
  • Audit and Assurance Professionals
  • Industry Regulators and Standard Setters
  • Corporate Counsel
  • Financial Services Regulatory Lawyers

Comments from Past Delegates to Acumen Conferences

…provided a very good high level summary of the key impacts of IFRS to financial institutions.

-Associate Chief Accountant, Bank of Montreal

Presentations were clear even though topics were complex.

-Chief Financial Officer, Société Générale

Best conference I’ve ever attended.

-Senior Manager, Enterprise Hedge Accounting and Derivative Reporting, Royal Bank of Canada

Suffice it to say that the conference delivered on my expectations…A lot has been taken away from this conference…$ well spent…

-V.P. Risk Management Advisory, New Brunswick Credit Union Stabilization Board

Finally a course that communicates true technical knowledge

-Director, Operations Finance NAV Canada

This seminar was fantastic – very informative and has some extremely interesting and knowledgeable speakers.

-Manager, Corporate Accounting Brascan Power

Great balance between theory and practical application/issues. Perfect level of detail…

-Treasury Manager CHC Helicopter Corporation

Speakers were very knowledgeable, materials were current…examples and materials were relevant and well presented.

-Derivatives Accountant, Agrium Inc.

 

 

 

 

 

 

 

 

 

 

 

Request a Brochure

To obtain a copy of the brochure, please send a request to the email below or click on the image of the brochure on this page.

e-mail at info@acumeninformation.com

Submit Questions

To submit questions to be answered at the conference, please send us an email at this address: at info@acumeninformation.com

Sponsorship Information

Limited sponsorship and exhibition options are available for this event, including

• Cocktail reception
• Luncheon sponsorship
• Breakfast sponsorship
• Booth/exhibit space

For more information, or to check availability,
please contact us by phone at (416) 504-6952
or by e-mail at info@acumeninformation.com