2023 Insurance Accounting & Regulatory Reporting Update
Delegate Comments
“…provided a very good high level summary of the key impacts of IFRS to financial institutions.”
“Presentations were clear even though topics were complex.”
“Best conference I’ve ever attended.”
“Suffice it to say that the conference delivered on my expectations…A lot has been taken away from this conference…$ well spent…”
“Finally a course that communicates true technical knowledge”
“This seminar was fantastic – very informative and has some extremely interesting and knowledgeable speakers.”
“Great balance between theory and practical application/issues. Perfect level of detail…”
“Speakers were very knowledgeable, materials were current…examples and materials were relevant and well presented.”
The topics were current and touched upon a variety of upcoming changes.
Insightful conversations/presentations related to upcoming regulatory changes and standards.
2023 Insurance Accounting & Regulatory Reporting Update
Program – December 5
9:00 a.m. – 9:05 a.m.
Opening Remarks from the Chair
Bobby Thompson, Partner, KPMG LLP
9:05 a.m. – 10:00 a.m.
First Year Reporting and Disclosure Transition – IFRS 4 to IFRS 17
Alana Hudson, Senior Manager, KPMG LLP
- IFRS 17 comparative retrospective/comparative requirements for YE 2023
- What have we learned from 2023 interim reporting?
- New KPI’s introduced under IFRS 17
- Judgment areas – impact on reporting and comparability
10:00 a.m. – 11:00 a.m.
Meeting Non-Financial/ESG Requirements
Haiden Ward, Senior Manager, PricewaterhouseCoopers LLP
Simran Khattra,, Manager, PricewaterhouseCoopers LLP
Gillian Luzyk, Senior Associate, PricewaterhouseCoopers LLP
- Developments and highlights related to Environmental, Social and Governance (ESG) events and trends in the insurance industry
- What ESG means for reporting entities
- ESG related risks and opportunities
- implications for internal and external stakeholders
- ESG regulatory & disclosure developments
- sustainability standards – IFRS, OSFI B-15, CSA, SEC, CSRD
- reporting timelines
- future of Canadian ESG regulations
- market observations on the implementation of sustainability standards
- ESG reporting journey, ESG data challenges, and the role of finance function
- 2023 Canadian ESG Reporting insights
11:00 a.m. – 11:15 a.m. – Morning Networking Break
11:15 a.m. – 12:15 p.m.
Financial Condition Testing
Narissa Dedhar, Principal, Oliver Wyman
Bernice Lim, Principal, Oliver Wyman
- Discussion of changes in process and calculations under IFRS 17
- Design and presentation of adverse scenarios
- Introduction of CSM as a key metric
- Modeling new business – new complexities and profit implications
- Calculation of roll-forward of liabilities – new challenges, additional granularity and adequacy of tools
- Tax implications
12:15 p.m. – 1:15 p.m. – Luncheon
1:15 p.m. – 2:30 p.m.
Panel/Structured Q&A – Practical Considerations Arising From Early IFRS 17 Disclosure and Current Y/E Reporting
Bobby Thompson, Partner, KPMG LLP
Dennis Coelho, Assistant Vice President Finance, Definity Financial Corporation
Sujeether Kumareswaran, Vice President and Actuary, Foresters Financial
- How it started versus how its going…
- key differences in how organizations completed Q1 reporting versus Q3 reporting
- processes which have been targeted for improvement throughout year
- thoughts on processes related to IFRS 17 including capital returns, FP&A and internal
controls
- Annual reporting on the horizon
- notable differences between yearend financial statements and quarterly financial
statements that have been published - reporting timelines and potential items that could pose challenge
- discussions and areas of focus with auditors, auditor progress going into yearend
- notable differences between yearend financial statements and quarterly financial
- Future considerations
- workload in 2024 quarters where there are no opening balance sheet and comparative
information requiring additional effort - areas where further improvement and automation are bring targeted
- regulatory project balance with fine tuning accounting implementation
- workload in 2024 quarters where there are no opening balance sheet and comparative
2:30 p.m. – 3:20 p.m.
Tax and Tax Accounting Update
Hiu Tung Chung, Partner, Tax Services, Ernst & Young LLP
Shamita Parbhoo, Senior Manager, Tax Services, Ernst & Young LLP
Adoption of IFRS 17 and IFRS 9 – What does that mean for tax in F23
- Transition adjustments (both IFRS 17 and IFRS 9)
- overview of rules
- what have we learned so far?
- Taxation post adoption of IFRS 17 and IFRS 9
- deductibility of reserves (LRC, LIC and limitation on deduction of CSM)
- deferred Acquisition costs (for P&Cs)
- -mark-to-market rules (refresher)
- Tax Accounting Considerations – Opening Balance Sheet Adjustments, Restatement of Prior Year Comparatives, and DTA Recognition
- Tax Compliance (additional reporting – Schedule 150)
Overview of legislative updates
-
- mandatory disclosures (Enacted on 22 June 2023)
- proposed Excessive Interest and Financing Expense Limitation (“EIFEL” Rules)
- 2% tax on share buyback for public entity
- proposed denial of dividend received deduction (Budget 2023)
- Pillar 2 – general comment
3:20 p.m. – 3:40 p.m. – Afternoon Networking Break
3:40 p.m. – 4:45 p.m.
Climate Risk Management – Integration and Operational Challenges Presented by Draft Guideline B-15
Carolyn Murnaghan, Partner, Deloitte LLP
Warren Rodericks, Partner, Deloitte LLP
Bruna Santos, Senior Manager, Deloitte LLP
Shoaib Shaikh, Director, Deloitte LLP
- Preparing for a new era in ESG reporting
- brief overview of OSFI B-15 and the ISSB requirements
- connectivity between greenhouse gases and financial statements
- challenges in data availability and readiness to support disclosures
- case study: Scope 3 Category 15 financed and insured emissions
- Climate Scenarios Stress Testing
- an Overview of Standardized Climate Scenarios
- OSFI’s Standardized Climate Scenario Exercise
- Understanding physical and transition risks in the context of climate risk management and disclosures
- Implications for governance and risk
- Relationship to operational resiliency and operational risk
- What is expected in 2024, 2025 and 2026?
Non-Fin’l Risk Mgmt$999.00 + HST$1,050.00 + HST$1,299.00 + HST
| Registration Options | Before October 20, 2023 | Before November 10, 2023 | After November 10, 2023 |
| 2023 Insur. Acc’t & Rep. | $1150.00.00 + HST | $1,225.00 + HST | $1,299.00 + HST |
| Non-Fin’l Risk Mgmt | $1150..00 + HST | $1,225.00 + HST | $1,299.00 + HST |
| Both Events | $2,200.00 + HST | $2,400.00 + HST | $2,598.00 + 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 Digital Downloads
As a registered delegate, you will receive a link to access conference materials. These materials will serve as an invaluable guide, both during and after the event.
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 or email to info@acumeninformation.com prior to 5:00 p.m. on November 21, 2023. 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 21, 2023, 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.
Register prior to October 13, 2023, and you will obtain the following additional savings:
| Second delegate: | $ 50 Discount | |
| Third delegate: | $100 Discount | |
| Fourth delegate: | FREE |
Please indicate that you are eligible for this offer on the registration page or your registration form if you are mailing in your registration.
The conference will be held at a convenient location in downtown Toronto. Venue information and special conference accommodation pricing details will be provided upon confirmation of the venue.
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 or parking.
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 Risk Officers
- Chief Compliance Officers
- VPs, Directors and Managers
- Finance
- Accounting
- Financial Reporting
- Regulatory Compliance
- Controllers
- Internal Auditors
- Audit Committee Members
- Corporate Counsel
- Risk Managers
- Audit and Assurance Professionals
- Industry Regulators and Standard Setters
- Financial Analysts
- Corporate and Securities 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.
To submit questions to be answered at the conference, please send us an email at this address: info@acumeninformation.com
• 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 info@acumeninformation.com
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