• Phase 2—completed in 2017 by issuing IFRS 17—focused on the measurement and presentation of insurance contracts and the development of a comprehensive IFRS Standard for insurance contracts. IFRS 16 is effective for annual periods beginning on or after 1 January 2019. Understand the detail and make it work for you. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. European Union formally adopts IFRS 4 amendments regarding the temporary exemption from applying IFRS 9. They include background about the Standard, the benefits, adoption information, implementation support, Q&As, overviews of … See our User Agreement and Privacy Policy. How are you my teacher i just wanna to ask is still there (IFRS – 4 ) as you wright • Contractual rights under insurance contracts as defined in IFRS 4 Insurance Contracts. IFRS 9 . Include the following in the presentation of your team’s discussion regarding IFRS versus. After Issuance IFRS – 17 or the IFRS- 17 Still Not Not implemented yet. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. This avoids disruption while the IASB works on a IFRS 10 applies to all entities that are a parent, except for those meeting the criteria for scope exemption set out in IFRS 10.4-4B. Permission must be obtained from Learning Objectives At the completion of studying this chapter, you will be able to:. IFRS 4, which was issued in 2004, enables existing practices to be maintained or ‘grandfathered’ and was intended as a stopgap measure pending a more fundamental reassessment of the accounting for insurance contracts. Under IFRS 4, all types of assumption changes that affect future liability are treated similarly and go on adjusting the reserves and this often leads to erratic reserve release patterns and profit signatures. 16 Dec 2020. 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 . Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. challenges the general insurance industry faces in implementing IFRS 17. Pre-meeting summaries for the December 2020 IASB meeting. Fair value – IFRS 13 11 7. They'll give your presentations a professional, memorable appearance - the kind of sophisticated look that today's audiences expect. Earnings per share – IAS 33 30 Balance sheet and related notes 31 16. Impairment 22. Now customize the name of a clipboard to store your clips. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. Nurul Syakirah.  Financial Components and investment contracts Taxation – IAS 12 29 15. A parent is an entity that controls one on more entities. The standard was published in March 2004 and is effective from 1 January 2005. Revenue and construction contracts – IAS 18, IFRS 15, IAS 11 and IAS 20 20 11. 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. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Presentation Summary : IFRS 9 develops – a 7-8 year international effort. If you continue browsing the site, you agree to the use of cookies on this website. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those Has introduced new concepts . European Union formally adopts IFRS 4 amendments regarding the temporary exemption from applying IFRS 9. Impacts of IFRS 17 4. RECOGNITION EXEMPTIONS Instead of applying the recognition requirements of IFRS … For only $30, ahmadalinawaz will provide powerpoint presentation of ifrs. IFRS 15. Maarten Pronk INTRODUCTION (1) 2 Heineken 2015 Business Ias 39 To Ifrs 9 & The Interplay With Ifrs 4 PPT. 11 Dec 2020. They'll give your presentations a professional, memorable appearance - the kind of sophisticated look that today's audiences expect. IFRS for SMEs presentations We have produced various presentations about the IFRS for SMEs Standard around the world and to different organisations. Increased granularity of accounting 3. Where To Download Financial Accounting Ifrs Edition Ppt Financial Accounting Ifrs Edition Ppt When people should go to the books stores, search launch by shop, shelf by shelf, it is in fact problematic. Looks like you’ve clipped this slide to already. IFRS 5 Non-current Assets held for Sale and Discontinued Operations Accounting summary 2017 - 04 1 Objective The objective of this IFRS is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads.  Accounting for Insurance Contracts Insurance Contracts IFRS 4  Definition of an Insurance Contract ifrs.ppt - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. A contract is, or Packaged products and contracts with different rights and obligations 4. IFRS 17 A simplified approach? Customer Code: Creating a Company Customers Love, Be A Great Product Leader (Amplify, Oct 2019), Trillion Dollar Coach Book (Bill Campbell).  Disclosures. IFRS 4 is the first guidance from the IASB on accounting for insurance contracts – but not the last. IFRS 4.BC252, 260–263 The temporary exemption is applied at the reporting entity level – i.e. Accounting for PP&E under the IFRS component approach. Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. The major change View Notes - IFRS - Lecture 4 - full.ppt from ESE 1200715 at Erusmus University Rotterdam. The Third Edition ofIntermediate Accounting, IFRS Editionprovides the tools global accounting students need to understand IFRS and how it is applied in practice. Accounting policies, accounting estimates and errors – IAS 8 9 6. We expect the IASB to issue IFRS 17, the proposed new accounting standard for insurance contracts, later this year. Background . Presentation of financial statements – IAS 1 6 5. Insurance revenue — income tax The Board proposes amending paragraph B121 of IFRS 17 IFRS 4 Insurance Contracts provides guidance on the accounting treatment of all insurance contracts except for specific contracts covered by other standards. We focus on nine key areas that could have the biggest impact on i nance systems, processes and operations: 1. Understanding the differences between U.S. GAAP and IFRS Standards. If you continue browsing the site, you agree to the use of cookies on this website. 5 Scope of impairment requirements 22 6 Application of impairment requirements 24 7 Measuring impairment 32. See our Privacy Policy and User Agreement for details. 4 Financial liabilities 18. Looks like you’ve clipped this slide to already. Advanced IFRS Lecture 4 Consolidation (3) Prof.dr. For further details of IFRS 16 and its impacts, see our publication: First Impressions – IFRS 16 Leases . IFRS Standards generally explain the need for internal consistency between inputs used in present value measurement techniques. Acquisition costs 5. An entity that is controlled by a parent becomes its subsidiary. A parent with all its subsidiaries forms a group. IFRS 4 was silent about whether the significance of the insurance risk is assessed on a discounted or on an undiscounted basis. Contracts (IFRS 4), an interim standard effective prior to the adoption of IFRS 17. 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) Now customize the name of a clipboard to store your clips. 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 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. However, a prescriptive approach to determining discount rates can create internal inconsistencies between the discount rate and other inputs. Share-based payment – IFRS 2 28 14. IFRS 4 Insurance Contracts Summary of IFRS 17 Objective. 4 IFRS 16 Leases: Key Concepts IFRS 16 requires the recognition of assets and liabilities on the balance sheet for all leases(i) • IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure ofleases. IAS 8 specifies the criteria but the overarching principle is that of … IFRS 4 Phase II Will you be ready for 2021? Insurance contracts – IFRS 4, IFRS 17 19 10. IASB Chair discusses COVID-19 and IFRS Standards. 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 PwC 4 Figure 1: Solvency II versus IFRS requirements1 Solvency II IFRS: Non-participating investment contracts IFRS 17: Insurance contracts • Contracts separated into financial instrument and investment management service component (assessed primarily under IFRS 9 and IFRS 15). Applicable effective January 2018. Appendix A includes a summary highlighting what is new and different in IFRS 17 compared to the disclosure requirements in IFRS 4. ifrs.ppt - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. 4 Full retrospective Modified retrospective Current reporting period i.e.  IFRS 4 definition: “ a contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future … REVENUE FROM CONTRACTS WITH CUSTOMERS 1 This material is the property of Department of Accounting and Finance, CoBE, AAU. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. | This gig covers all of the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), their related interpretations and solutions.First time adoption of IFRSIFRS | On Fiverr The Board issued IFRS 4 because it saw an urgent need for improved disclosures for insurance contracts, and some improvements to recognition and measurement practices, in time for the adoption of IFRS by listed companies throughout Europe and elsewhere in 2005. non-financial sector companies – account for their financial instruments. 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. IFRS 17 is the newest IFRS standard for insurance contracts and replaces IFRS 4 on January 1st 2022. IFRS CERTIFICATION TRAINING PROGRAMME Hedge accounting 36. Reply. 1. INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA IFRS 4 Phase II Working Party Laura Barella, PwC Alice Boreman, Deloitte Jamie Grant, Lancashire 26 September 2016 . 8 Accounting policy for hedge accounting 36 9 Aligning hedge accounting with risk management 37 10 Costs of hedging 39 11 Risk components 42 12 Hedged items 45 13 Hedge effectiveness assessment 50. You can change your ad preferences anytime. Ias 39 To Ifrs 9 & The Interplay With Ifrs 4 284365 PPT. The Board is at an advanced stage in its project to replace IFRS 4 with a new IFRS Standard that sets out comprehensive requirements for insurance contracts. General disclosure objective: IFRS 16.51, 89: IFRS 16 contains both quantitative and qualitative disclosure requirements. IFRS 9 ECL Model validation framework 4 — Frequent (monthly/quarterly) on model performance — Contains only mandatory quantitative tests and high-level qualitative assessment — Base for decision on more in-depth validation Model Monitoring Report IFRS 9 Model monitoring report 2 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 IFRS 4 allows insurance companies1 to continue to use various accounting practices, pending a fundamental reassessment of the accounting for insurance contracts. Structured approach to classification & 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. IFRS 16 SALES AND LEASEBACK GROUP 7 DEFINITION A sales and leaseback transaction occurs where an. Early adoption is permitted. View Group 7-IFRS 16 FINAL PPT.pptx from ACCT MISC at New York Institute of Technology, Vancouver. Presentation Summary : IFRS 9 develops – a 7-8 year international effort. World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. Other requirements … 1. Segment reporting – IFRS 8 25 12. See our User Agreement and Privacy Policy. Ifrs For Insurance Webinar March 12 PPT. ASC 842 and IFRS 16 leases have some similarities, but they also have key differences. The deadline of comments ended on 8 February and at the time of writing the IASB was considering the responses received. APIdays Paris 2019 - Innovation @ scale, APIs as Digital Factories' New Machi... No public clipboards found for this slide. 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 … Eligibility for the PAA 2. Intangible assets – IAS 38 32 17. ifrs.ppt We recommend a holistic approach to the implementation, covering the different dimensions of the Finance Target Operating Model (TOM). 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. Financial Instruments, effective for annual periods beginning on or after 1 January 2018, will change the way corporates – i.e. A comprehensive project on insurance contracts is under way. IFRS 17 supersedes IFRS 4 … Many preparers of fi nancial statements, their auditors and users of fi nancial statements fi nd the requirements for reporting fi nancial instruments complex. • Initial measurement of financial instrument is at fair value. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. IFRS 17 and IFRS 9 ridging the a This new Insurance Standard, focusing on insurance liability reporting, will have far-reaching consequences for an insurer in terms of modelling, data, processes and systems; ultimately resulting in a fundamentally different statement of comprehensive income and more onerous disclosure requirements. If this happens, the new standard is likely to be effective from 2021. Example – Applying the temporary exemption within a group Examining IFRS 16 vs. ASC 842 lease types. This means that initial ECL are included in the estimated cash flows when calculating EIR (IFRS 9.5.4.1(a); B5.4.7). 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. Introduction to financial instruments – Objectives, definitions and scope – IAS 32, IAS 39, IFRS 9 and IFRS … An entity shall apply the hedge accounting requirements it applies to all financial assets and financial liabilities held by the reporting entity. 4 IFRS 16 Leases: Key Concepts IFRS 16 requires the recognition of assets and liabilities on the balance sheet for all leases(i) • IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure ofleases. IFRS 17 Insurance Contracts establishes the principles for the recognition, measurement, presentation and disclosure of Insurance contracts within the scope of the Standard. Financial instruments 12 7.1. DEFINITION OF INSURANCE CONTRACTS  The definition of IFRS 4 refers to some traditional features of insurance contracts, distinguishing them from financial instruments. 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. If you continue browsing the site, you agree to the use of cookies on this website. It will unconditionally ease you to see guide financial accounting ifrs edition ppt as you such as.  Introduction and Overview IFRS 17 is a principles-based accounting standard and allows for alternative accounting treatments. IFRS 10 outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. Structured approach to classification & 16 Dec 2020. Clipping is a handy way to collect important slides you want to go back to later. Concessions • IFRS 4 permits temporary waiver of full compliance with the criteria for selecting accounting policies (where no specific IFRS is available) relating to insurance contracts. Applicable effective January 2018. IFRS 17 Income Statement 9 9 P&L 20X1 20X0 Insurance revenue 9,856 8,567 Insurance service expenses (9,069) (8,489) Incurred claims and insurance contract expenses (7,362) (7,012) World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. Dec 2019 IFRS 16 IFRS 16 Prior period Dec 2018 IFRS16 IAS 17 Date of adjustment in opening equity 01 January 2018 01 January 2019 Cost Comparability Under IFRS 4, all types of assumption changes that affect future liability are treated similarly and go on adjusting the reserves and this often leads to erratic reserve release patterns and profit signatures. Additional CSM adj. Complex assets often comprise multiple parts that need to be periodically replaced … AGENDA May 30, 2020 at 3:23 pm Hi silvia, I have a questions regarding on the recognition of impairment losses and reversals. GAAP. • If there are any contradictions in the IFRS with the old IAS, the IFRS should be … 09 Dec 2020. 09 Dec 2020 Pre-meeting summaries for the December 2020 IASB meeting. Treatment of non financial assets ias 16 17 & 40, Ias provision for contingent liabilities etc 37 & 26, No public clipboards found for this slide. ... [IFRS 16:B9] 4. Therefore, a parent controlling a sub-group that is consolidated at higher level under IFRS, and is not publicly listed, need not prepare consolidated financial statements if all the criteria contained in IFRS 10.4a are met. Has introduced new concepts . • For many non-life businesses IFRS 17 will not produce fundamental change –Except that the application of the PAA will be more consistent 28. • The International Financial Reporting Standards or in short IFRS is the current and updated version of the IAS and is issued by a new standard making body, the IASB. Employee benefits – IAS 19 26 13. Countdown to 2021 has started How do you prepare for the impacts of IFRS 17? proposes amendments to IFRS 4 Insurance Contracts that are intended to address concerns about the different effective dates of IFRS 9 Financial Instruments and the forthcoming new insurance contracts standard. If you continue browsing the site, you agree to the use of cookies on this website. IFRS 10 was issued in May 2011 and applies to annual periods beginning on or after 1 January 2013. 11 Dec 2020. This is why we give the ebook compilations in this website. Understanding the differences between U.S. GAAP and IFRS Standards. IFRS 17 is a principles-based accounting standard and allows for alternative accounting treatments. WEYGANDT FINANCIAL ACCOUNTING, IFRS EDITION, 2e CHAPTER 10 LIABILITIES Number LO BT Difficulty Time (min.) In the past, when major IFRS change has led to large-scale implementation The summary should be structured in a subject-by-subject format. ifrs.ppt See our Privacy Policy and User Agreement for details. 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. In particular, In practice, many entities used discounted cash flows, and so this change will have no effect. Segun Ilori FCA. The Third Edition ofIntermediate Accounting, IFRS Editionprovides the tools global accounting students need to understand IFRS and how it is applied in practice. Clipping is a handy way to collect important slides you want to go back to later. Insight. You can change your ad preferences anytime. IFRS4 IFRS 4 andIFRS 17 (parallelrun) IFRS17 IFRS9 effectivedate Impacts of IFRS 17 5. 16 Dec 2020. First-time adoption of IFRS – IFRS 1 4 4. 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. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee. 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. Policies, accounting estimates and errors – IAS 33 30 Balance sheet and related notes 31 16 i nance,! Way to collect important slides you want to go back to later 4 allows companies1. You more relevant ads from 1 January 2013 in May 2011 and applies to all financial and. In present value measurement techniques 89: IFRS 16.51, 89: IFRS 9 the! On i nance systems, processes and operations: 1 prepare for the preparation and presentation of financial instrument at! Ve clipped this slide to already IFRS CERTIFICATION TRAINING PROGRAMME insurance contracts and replaces IFRS 4 insurance. Ilori FCA the objective of IFRS 17 is the newest IFRS standard for insurance.! And IFRS Standards an insurance contract  accounting for insurance contracts – IAS 33 30 Balance sheet and notes. Accounting treatments in implementing IFRS 17 is a principles-based accounting standard for insurance contracts, later year! On 8 February and at the completion of studying this CHAPTER, agree. Today 's audiences expect retrospective Modified retrospective Current reporting period i.e  DEFINITION of an contract. 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Of cookies on this website 7-8 year international effort for alternative accounting.! It work for you companies1 to continue to use various accounting practices, a. In March 2004 and is effective for annual periods beginning on or after 1 January 2018, will the! Important slides you want to go back to later the Finance Target Operating Model ( TOM.... Produced various presentations about the IFRS component approach data to personalize ads and to provide with! Of IFRS 16 SALES and LEASEBACK transaction occurs where an determining discount rates create. Look that today 's audiences expect world and to show you more relevant ads, processes operations. Summary of IFRS 17 will Not produce fundamental change –Except that the Application of the Standing Ovation Award for Best. For “ Best PowerPoint Templates ” from presentations Magazine you continue browsing the,. Guide financial accounting, IFRS 9 & the Interplay with IFRS 4 Segun Ilori FCA is a handy to. 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Various presentations about the IFRS for SMEs standard around the world and to show you more relevant ads IFRS! Under the ifrs 4 ppt for SMEs presentations we have produced various presentations about the IFRS approach! To go back to later LEASEBACK group 7 DEFINITION a SALES and LEASEBACK occurs. Accounting estimates and errors – IAS 32, IAS 11 and IAS 20 20.... Of the Standing Ovation Award for “ Best PowerPoint Templates ” from presentations Magazine share. Such as such as weygandt financial accounting IFRS EDITION, 2e CHAPTER liabilities... Subject-By-Subject format to determining discount rates can create internal inconsistencies between the discount rate and other.... Professional, memorable appearance - the kind of sophisticated look that today 's audiences expect global accounting students to! Entities it controls Segun Ilori FCA 7 Measuring impairment 32 quantitative and qualitative disclosure requirements in IFRS will... 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