IFRS 17: Lessons from the front

The implementation of IFRS 17 is one of the most important financial transformations undertaken in the insurance market following the implementation of Solvency II (SII) in 2016. IFRS 17 is the new accounting standard that replaces IFRS 4 and relates to the accounting insurance contracts. It has been effective since 1 January 2023 with retrospective application and therefore the effect of 1 January 2022 was included in the Financial Statements of 2022.

This seminar aims to keep professionals, who work in the insurance sector, updated on this new standard, which introduces a comprehensive accounting model that comes along with a whole new perspective on the financial statements of the insurers. The training will cover practical issues and provide relevant examples of what we have learned so far regarding the application of IFRS 17 whilst it will touch upon how the insurance entities are expected to handle related issues and challenges in the future. The participants of this seminar will receive answers to their questions and exchange thoughts and experiences. Additionally, KPMG Cyprus' experts will provide guidance on specific areas related to the application, requirements and support of IFRS 17, through practical examples.

By the end of the training, participants will be able to:

• Identify the requirements of the new standard and the relevant regulatory issues
• Apply in practice the IFRS 17 accounting treatment
• Explain the different accounting treatment between IFRS 17 and IFRS 4
• Show through practical examples the knowledge up to date regarding the IFRS 17
• Contradict the different accounting approaches under IFRS 17
• Adopt transparency strategies.

This training is addressed to Chief Actuaries, Actuarial professionals, Chief Financial Officers, Accountants, Chief Executive Officers from Life and Non-Life insurance companies.

*The number of participants is restricted to 28.

1. IFRS 17: Lessons learned from this standard’s implementation (2 hrs)

In this section the trainers, who advised numerous insurance firms regarding the implementation of IFRS 17, will cover what they learned so far during the transition period from IFRS 4 to IFRS 17. They will also analyse, through examples, the Accounting treatment of IFRS 17. More specifically, they will present an overview of the below aspects:

• Scoping and separation
  
• Level of aggregation
• Contract boundaries
• Recognition, modification and derecognition
• Measurement
• Presentation and disclosures
• International news

2. IFRS 17: Actuarial considerations (1 hr and 30 mins)

In this section the trainers will cover what they learned so far during the transition period from IFRS 4 to IFRS 17 from an Actuarial perspective. They will also analyse, through examples, the Actuarial components of IFRS 17. More specifically they will present an overview of the below aspects:

• Key lessons
• Risk adjustment
• Discounting

3. IFRS 17: Transition approaches (1 hr and 30 mins)

The trainers will present and analyse different methods (approaches) that were followed by insurance firms based on the available information they had to process. 

• Full retrospective approach
• Modified retrospective approach
• Fair value approach

4.  What’s next? (1 hr)

The trainers of this session will present what changes the Management of each company can make, following the transition to IFRS 17

• Financial reporting close process – key challenges and practical examples
• Key performance indicators (KPIs) and management information – What changes are expected to be made
• Information transfer across the organization – Change in management process and information systems.

If you wish to register for the seminar, please complete the registration form.

Once your registration is submitted, you will receive an email stating the participation fee, including any discounts, if applicable. Kindly note that the payment should be settled at least two days prior to the seminar’s date for your registration to be confirmed.

The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. Please note that there are limited seats available, therefore enroll in this seminar as soon as possible.

If you do not receive our confirmation e-mail regarding your registration, your participation cannot be guaranteed.

Cost

€264 + VAT.  Net investment after subsidy from the HRDA of €102: €212,16 (including VAT) for all eligible participants*

*Last Date for 10% Early Bird Discount: 17/10/23

Discounts available

• For more than two (3+) participants from the same company, a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for participants who enroll in the same seminar, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
• For individuals/legal entities who/which register in more than two (3+) seminars during the same semester (January-June & July-December), a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for individuals/legal entities who/which enroll in more than two (3+) seminars during the same semester, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
• There is a 10% discount for alumni members. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the early bird discount and the HRDA subsidy, when applicable. For more information on our alumni scheme, click here.
• There is a 10% early bird discount on selected seminars for participants who enroll in a training course until a specific date which is stated above. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the HRDA subsidy, when applicable.
• HRDA subsidy for all HRDA approved seminars. 

Contact

For any queries, please contact please contact Vasiliki Sioziou on +357 22 207 460 or at academy@kpmg.com.cy

CPD

This seminar may contribute to Continuing Professional Development requirements. At the end of the seminar participants will be given a certificate of attendance confirming the total number of training hours (6 CPD).

Pangratios Vanezis
Board Member, IFRS 9 and IFRS 17 Implementation Leader, Audit, KPMG in Cyprus

Pangratios joined KPMG in Cyprus in 2003 and became a Board Member in 2017. He holds a BA in Accounting & Finance from Lancaster University and is an Associate member of the Institute of Chartered Accountants in England and Wales.

Pangratios possesses versatile industry experience deriving from sectors such as the financial services, consumer products, airline transport industry, agriculture and food and beverages. In 2014, he was pivotal in the creation of the KPMG Enterprise and Startups team of KPMG in Cyprus, for which he acts as the team leader.

He is actively involved in the group which offers training and support within KPMG in Cyprus, as well as in the DPP (Accounting) of KPMG in Cyprus, which provides insights, consultation and training on financial reporting issues both internally and externally. Pangratios is the implementation leader and contact person on IFRS 17 and IFRS 9 matters of KPMG Cyprus IFRS Helpdesk team. 

Michael Aristides
Principal, Risk Consulting, KPMG in Cyprus

Michael is a Principal in the Risk Consulting Department of KPMG in Cyprus, leading the Actuarial and Insurance Risk Services of the Firm. He is a UK Qualified Actuary with nearly 20 years of professional experience in the Life and non-Life insurance sectors and Pensions. 

He is leading the KPMG IFRS17 actuarial transformation on behalf of a number of local life and non-insurance companies. The transformational process includes the creation of the actuarial position papers of the company and the implementation of the system infrastructure to support the new standard. Michael also specialises in Reserves Calculations for both Life and Non-Life insurance products and he is the actuarial function holder and signing actuary for a number of local insurance companies. As an Insurance expert, Michael specialises in Insurance processes optimisation including operational digital transformation KPI / KRI design as well as Regulatory and Economic Capital modelling and optimisation.

Andrea Loizia
Manager, Accounting Advisory Services, KPMG in Cyprus

Andrea is a Manager in the Accounting Advisory Services focusing on IFRS 9 Financial Instruments and IFRS 17 Insurance contracts. She graduated from the University of Cyprus with a BSc in Public and Business Administration and from the University of Warwick with a MA in Management and Organisational Analysis. She qualified as a member of the Institute of Chartered Accountants in England and Wales in 2015. She joined KPMG Cyprus in 2022, while she had been previously employed by another Big Four company for many years.

Andrea has worked on various projects, including those for clients from the oil and gas industry, holding of investments, trading industry and financial services. During her career, she has been involved in the audit of group engagements operating in various sectors. She is committed to turning knowledge into value while providing on-the-job training to team members in order to improve the quality of audit files. In addition, she has offered technical accounting support both internally and externally to clients.

Andrea also possesses advanced knowledge related to IFRSs and has delivered various presentations to KPMG staff on IFRS matters (e.g. IFRS Updates and IFRS 17).

Xanthia Lazarou
Manager, Risk Consulting, KPMG in Cyprus

Xanthia is a Manager in the Actuarial and Insurance Risk Services in KPMG Cyprus, which she joined in February 2020. She is a part-qualified Actuary with over six years of experience in the provision of Actuarial and Insurance services in Cyprus and the UK.

During her current employment, she has gained significant experience in the insurance sector of Cyprus. She has worked on Solvency II and IFRS17 audit and implementation projects, performed and reviewed life and non-life insurance actuarial reserves and contributed to the development and creation of several actuarial models.

During her previous work experience in the UK, she gained strong knowledge and skills in data analysis and data optimisation, sensitivity testing and modelling. She was involved in projects related to process automation of reports, finance transformation, data analysis, data optimisation and stress testing of insurance and market risks.