Event information
KPMG Indonesia's Insurance practice leaders hosted KPMG business talk breakfast briefing series titled “IFRS 17 implementation” on 12 September 2024 at the KPMG Clubhouse in the Menara Astra building, Jakarta.
“IFRS 17, Insurance Contracts” has been in effect globally since 1 January 2023. It aims to increase transparency and to reduce diversity in the accounting for insurance contracts. In Indonesia, IFRS 17 was adopted as PSAK 117 and will go into effect on 1 January 2025. This two-year gap will enable insurers in Indonesia to leverage the experience of the global community when implementing IFRS 17. With this in mind, KPMG is committed to providing ongoing analysis of insurer reporting on the implementation of the new accounting standards.
As a reminder of what was discussed by KPMG’s insurance practice leaders from Indonesia and Singapore during the session, we are pleased to share the materials and key takeaways from the event, as follows:
- Looking ahead to 2025, it will not be an easy year for those in insurance sector. However, the two-year gap we have presents a valuable opportunity to maximize the lessons learned from other countries that have already adopted IFRS 17.
- While much of our focus has been on the initial implementation of IFRS 17, it is essential to remember that the journey does not end in 2025. Instead, we must embark on a new journey to ensure that the positive impacts of IFRS 17 translate into tangible business benefits. This means integrating IFRS 17 into our business plans and key performance indicators, as well as formalizing our communication strategies with all stakeholders.
Date |
Thursday, 12 September 2024 |
Time |
08:30 AM – 11:30 AM Jakarta time |
Location |
The KPMG Clubhouse |
Language |
Bilingual (Bahasa Indonesia & English) |
Audience |
Chief financial officers, finance controllers, corporate actuary heads and guests from the insurance sector (by invitation only). |
Enquiries
For questions regarding the event, please contact the KPMG event committee.
Find out the insights shared during the event
Presenters' biographies
Our presenters |
Susanto
Partner, Audit & Assurance & Insurance Practice Leader
KPMG Indonesia
Susanto is an experienced CPA with over 27 years of experience. He currently serves as the Head of Clients and Markets and Insurance Practice Leader for KPMG Indonesia. He has experience in auditing various insurance companies (life and non-life) and participates in numerous discussions addressing the challenges and opportunities within Indonesia's insurance industry. Susanto is actively involved in the discussion and implementation of IFRS 17 in Indonesia.
Steven Goh
Head of Insurance Audit
KPMG Singapore
Steven is an audit partner with KPMG in Singapore with over 25 years of experience in the audits of financial institutions, with a focus in insurance sector and its adjacent sectors. He is the Head of Insurance Audit for KPMG in Singapore.
Steven has played the regional coordination/ lead audit partner role for a number of regional and international financial services institution groups. This includes a wide spectrum of the financial services industry, with a specialisation in insurance. Steven has led the audit engagements of listed companies, international and regional insurance groups, reporting under Singapore FRS, IFRS and US GAAP. This includes Prudential, Singlife, Income, Allianz, SCOR Re and MS&AD group. Steven has also been involved in business and capital restructuring, capital markets transactions, accounting advisory and other assurance engagements with organisations in the insurance, financial services and healthcare/healthtech sectors.
Steven is the Chairman of the Institute of Singapore Chartered Accountant (“ISCA”) Insurance Committee. He has been a trainer with the ISCA and the Singapore College of Insurance (“SCI”); and a faculty trainer at the ASEAN School of Young Insurance Managers organised by the ASEAN Insurance Council. He was recently featured in the joint webinar by Institute of Singapore Chartered Accountants (ISCA) and Ikatan Akuntan Indonesia (IAI) held in June 2024
He is also the Audit Quality Risk partner in his business unit and a member of the Accounting Advisory Committee in KPMG Singapore.
Hengcky Hiwarno
Partner, Head of Accounting Advisory Services
KPMG Indonesia
Hengcky is the Head of Accounting Advisory Service for KPMG Indonesia. He assists clients in accounting standard conversion, including the adoption of PSAK 117, transaction accounting assessment and financial function improvement/transformation. He also had eight years of experience as a practitioner in an Indonesian listed bank in Indonesian Stock Exchange (IDX) which is a subsidiary of US SEC-listed multinational banks. His remit of experience in finance area covering financial reporting and control over accounting and financial reporting, asset and liability management, capital planning and management. He had over 13 years of experience in general audit of public listed clients in Indonesia, mainly focusing on banks and other financial institutions.
Susiyani Setyowati
Director, Risk & Regulatory Technology
KPMG Indonesia
Susi is a director in Financial Risk Management (FRM) services for KPMG Indonesia. Susi has over 20 years experience in information technology implementation and more than five years role as risk and regulatory technology specialist in KPMG. She leads several IFRS engagements in financial industries like banking and insurance companies.
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