THE Insurance Association of the Caribbean, Inc. (IAC), in collaboration with the Institute of Chartered Accountants of the Caribbean (ICAC), is leading the way in preparing the insurance industry for the advent of IFRS 17 Insurance Contracts, the latest reporting standard issued by the International Accounting Standards Board in relation to accounting for insurance contracts.
This standard represents the most significant change to insurance accountant requirements in over 20 years. Insurers will need to interpret, understand and apply the new standard to their insurance contracts and reporting. This process will be a long one taking a substantial amount of time and effort and will impact both internal and external stakeholders in each company, its operations and the entire industry on the whole.
IFRS 17 will be effective for annual periods beginning on or after 1 January 2022.
The seminars will be facilitated by Marvin Yorke, Marvin Yorke Consulting Ltd. and Equisoft, and will be held in Guyana, Trinidad and Miami on November 4-5, 7-8 and 11-12 respectively.
Yorke is a member of the Chartered Professional Accountants Association of Ontario and a Fellow of the Association of Chartered Certified Accountants in the UK.
President of the IAC, Musa Ibrahim opined that, āThese seminars are timely and necessary as they lay the groundwork for persons to gain the knowledge and to better understand the requirements for new processes; data gathering, modifications to systems and any challenges that may arise before implementation of the Standard.ā
Topics to be covered will include: Why the need for IFRS 17?; Timeline and implementation roadmap of IFRS 17; The current state of global readiness; The core technical areas of IFRS 17; IFRS 17 Core concepts; Reinsurance and transition; IFRS 17 upcoming amendments and what it means for Life and P&C Insurers; IFRS 17 key accounting policy choices and areas of Judgement for Life and P&C Insurers; IFRS 17 implementation/solution strategies; IFRS 17 key presentation and disclosure changes including data requirements – IFRS 4 vs IFRS 17.
The Insurance Association of the Caribbean (IAC) Inc. is a non-profit organization, founded on 30th October 1974 and is dedicated to the promotion and growth of the Caribbean Insurance Industry.
Equisoft is a privately held company, which specializes in the design and delivery of advanced digital business solutions that optimize processes, increase revenue and enable growth for the life insurance and wealth management industries.