Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The major change Clipping is a handy way to collect important slides you want to go back to later. European Union formally adopts IFRS 4 amendments regarding the temporary exemption from applying IFRS 9. • 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. Employee benefits – IAS 19 26 13. IFRS 15. 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) 11 Dec 2020. Looks like you’ve clipped this slide to already. challenges the general insurance industry faces in implementing IFRS 17.  Accounting for Insurance Contracts 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 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. If you continue browsing the site, you agree to the use of cookies on this website. Presentation of financial statements – IAS 1 6 5. Earnings per share – IAS 33 30 Balance sheet and related notes 31 16. Other requirements … European Union formally adopts IFRS 4 amendments regarding the temporary exemption from applying IFRS 9. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Taxation – IAS 12 29 15. Impacts of IFRS 17 4. Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. 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. 5 Scope of impairment requirements 22 6 Application of impairment requirements 24 7 Measuring impairment 32. It will unconditionally ease you to see guide financial accounting ifrs edition ppt as you such as. The Third Edition ofIntermediate Accounting, IFRS Editionprovides the tools global accounting students need to understand IFRS and how it is applied in practice. If you continue browsing the site, you agree to the use of cookies on this website. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Introduction to financial instruments – Objectives, definitions and scope – IAS 32, IAS 39, IFRS 9 and IFRS … The summary should be structured in a subject-by-subject format. 4 Full retrospective Modified retrospective Current reporting period i.e. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. Accounting for PP&E under the IFRS component approach. An entity shall apply the hedge accounting requirements 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. In practice, many entities used discounted cash flows, and so this change will have no effect. IFRS 4 is the first guidance from the IASB on accounting for insurance contracts – but not the last. 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. IFRS 17 is the newest IFRS standard for insurance contracts and replaces IFRS 4 on January 1st 2022. Complex assets often comprise multiple parts that need to be periodically replaced … 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. 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 . World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. Insurance contracts – IFRS 4, IFRS 17 19 10. The Third Edition ofIntermediate Accounting, IFRS Editionprovides the tools global accounting students need to understand IFRS and how it is applied in practice. • For many non-life businesses IFRS 17 will not produce fundamental change –Except that the application of the PAA will be more consistent 28. REVENUE FROM CONTRACTS WITH CUSTOMERS 1 This material is the property of Department of Accounting and Finance, CoBE, AAU. IFRS 4 Insurance Contracts provides guidance on the accounting treatment of all insurance contracts except for specific contracts covered by other standards. Intangible assets – IAS 38 32 17. Presentation Summary : IFRS 9 develops – a 7-8 year international effort. This is why we give the ebook compilations in this website. IFRS Standards generally explain the need for internal consistency between inputs used in present value measurement techniques. • 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. 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. ASC 842 and IFRS 16 leases have some similarities, but they also have key differences. See our Privacy Policy and User Agreement for details. ifrs.ppt - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. IASB Chair discusses COVID-19 and IFRS Standards. INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA IFRS 17 is a principles-based accounting standard and allows for alternative accounting treatments. 4 Financial liabilities 18. • Initial measurement of financial instrument is at fair value. Financial Instruments, effective for annual periods beginning on or after 1 January 2018, will change the way corporates – i.e. This avoids disruption while the IASB works on a IFRS4 IFRS 4 andIFRS 17 (parallelrun) IFRS17 IFRS9 effectivedate Impacts of IFRS 17 5. AGENDA A contract is, or A parent is an entity that controls one on more entities. World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. Packaged products and contracts with different rights and obligations 4. ifrs.ppt 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. Presentation Summary : IFRS 9 develops – a 7-8 year international effort. Reply. Share-based payment – IFRS 2 28 14. Segment reporting – IFRS 8 25 12.  Disclosures. The standard was published in March 2004 and is effective from 1 January 2005. Accounting policies, accounting estimates and errors – IAS 8 9 6. Applicable effective January 2018. IFRS 9 . Insurance revenue — income tax The Board proposes amending paragraph B121 of IFRS 17 May 30, 2020 at 3:23 pm Hi silvia, I have a questions regarding on the recognition of impairment losses and reversals. 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 They'll give your presentations a professional, memorable appearance - the kind of sophisticated look that today's audiences expect. APIdays Paris 2019 - Innovation @ scale, APIs as Digital Factories' New Machi... No public clipboards found for this slide. IFRS 4 allows insurance companies1 to continue to use various accounting practices, pending a fundamental reassessment of the accounting for insurance contracts. it applies to all financial assets and financial liabilities held by the reporting entity. IFRS for SMEs presentations We have produced various presentations about the IFRS for SMEs Standard around the world and to different organisations. First-time adoption of IFRS – IFRS 1 4 4. Treatment of non financial assets ias 16 17 & 40, Ias provision for contingent liabilities etc 37 & 26, No public clipboards found for this slide. Examining IFRS 16 vs. ASC 842 lease types. Contracts (IFRS 4), an interim standard effective prior to the adoption of IFRS 17. IFRS 17 supersedes IFRS 4 … 16 Dec 2020. They include background about the Standard, the benefits, adoption information, implementation support, Q&As, overviews of … IFRS 4 was silent about whether the significance of the insurance risk is assessed on a discounted or on an undiscounted basis. Nurul Syakirah. 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. 16 Dec 2020. IFRS 4 Phase II Working Party Laura Barella, PwC Alice Boreman, Deloitte Jamie Grant, Lancashire 26 September 2016 . 1. IAS 8 specifies the criteria but the overarching principle is that of … | 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 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 Increased granularity of accounting 3. Revenue and construction contracts – IAS 18, IFRS 15, IAS 11 and IAS 20 20 11. non-financial sector companies – account for their financial instruments. IFRS 17 Insurance Contracts establishes the principles for the recognition, measurement, presentation and disclosure of Insurance contracts within the scope of the Standard. IFRS 10 was issued in May 2011 and applies to annual periods beginning on or after 1 January 2013. We focus on nine key areas that could have the biggest impact on i nance systems, processes and operations: 1. Now customize the name of a clipboard to store your clips. IFRS 4 Insurance Contracts Summary of IFRS 17 Objective. Eligibility for the PAA 2. 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. Understanding the differences between U.S. GAAP and IFRS Standards. Include the following in the presentation of your team’s discussion regarding IFRS versus. Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine.