Accounting for PP&E under the IFRS component approach. IFRS 9 . Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. They include background about the Standard, the benefits, adoption information, implementation support, Q&As, overviews of … This is why we give the ebook compilations in this website. IFRS 4 allows insurance companies1 to continue to use various accounting practices, pending a fundamental reassessment of the accounting for insurance contracts.  Accounting for Insurance Contracts For further details of IFRS 16 and its impacts, see our publication: First Impressions – IFRS 16 Leases . We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those A parent is an entity that controls one on more entities. 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)  Definition of an Insurance Contract IFRS CERTIFICATION TRAINING PROGRAMME Financial instruments 12 7.1. ifrs.ppt The standard was published in March 2004 and is effective from 1 January 2005. IFRS 16 is effective for annual periods beginning on or after 1 January 2019. Acquisition costs 5. GAAP. Fair value – IFRS 13 11 7. You can change your ad preferences anytime. INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA • For many non-life businesses IFRS 17 will not produce fundamental change –Except that the application of the PAA will be more consistent 28. Presentation Summary : IFRS 9 develops – a 7-8 year international effort. 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. 4 Financial liabilities 18. non-financial sector companies – account for their financial instruments. If you continue browsing the site, you agree to the use of cookies on this website. 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. Accounting policies, accounting estimates and errors – IAS 8 9 6. 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. However, a prescriptive approach to determining discount rates can create internal inconsistencies between the discount rate and other inputs. A parent with all its subsidiaries forms a group. Insight. ASC 842 and IFRS 16 leases have some similarities, but they also have key differences. IFRS 4 is the first guidance from the IASB on accounting for insurance contracts – but not the last. Maarten Pronk INTRODUCTION (1) 2 Heineken 2015 Business IFRS 4 Insurance Contracts Summary of IFRS 17 Objective. IFRS 17 is a principles-based accounting standard and allows for alternative accounting treatments. Treatment of non financial assets ias 16 17 & 40, Ias provision for contingent liabilities etc 37 & 26, No public clipboards found for this slide. Share-based payment – IFRS 2 28 14. Example – Applying the temporary exemption within a group The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. 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. If this happens, the new standard is likely to be effective from 2021. A comprehensive project on insurance contracts is under way. Now customize the name of a clipboard to store your clips. This means that initial ECL are included in the estimated cash flows when calculating EIR (IFRS 9.5.4.1(a); B5.4.7). 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 is the newest IFRS standard for insurance contracts and replaces IFRS 4 on January 1st 2022. After Issuance IFRS – 17 or the IFRS- 17 Still Not Not implemented yet. The major change 4 Full retrospective Modified retrospective Current reporting period i.e. 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. 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. 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. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Financial Instruments, effective for annual periods beginning on or after 1 January 2018, will change the way corporates – i.e. 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. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. See our User Agreement and Privacy Policy. Looks like you’ve clipped this slide to already. RECOGNITION EXEMPTIONS Instead of applying the recognition requirements of IFRS … 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 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. Advanced IFRS Lecture 4 Consolidation (3) Prof.dr. First-time adoption of IFRS – IFRS 1 4 4. Pre-meeting summaries for the December 2020 IASB meeting. IFRS 10 was issued in May 2011 and applies to annual periods beginning on or after 1 January 2013. See our User Agreement and Privacy Policy. 1. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee. 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 . Background . 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 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 Insurance Contracts IFRS 4 Segment reporting – IFRS 8 25 12. Taxation – IAS 12 29 15. 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