KPMG in Qatar recently hosted an insightful IFRS 17 workshop for the insurance professionals, offering insights and strategies to navigate the complexities of this essential accounting standard.
The workshop – attended by 70 attendees, including KPMG specialists, insurance professionals, and regulators – was filled with practical sessions aimed at simplifying complex topics like the premium allocation approach and the general measurement model.
The attendees gained valuable insights into handling onerous contracts, leaving with actionable strategies and a deepened understanding of the fundamental principles of IFRS 17.
Yacoub Hobeika, Partner, Audit, Head of Insurance, KPMG in Qatar, said this collaboration among accountants, actuaries, and IT specialists is crucial for accurate financial reporting, ultimately benefiting all stakeholders.
Kailash Mittal, co-head Insurance and Head Actuary, said as insurers focus on annual financial statements and detailed disclosures for IFRS 17, finalising accounting policies is essential to prevent restatements in subsequent periods.
Adhiraj Bhown, Partner at KPMG India and an IFRS 17 expert, said IFRS 17 and IFRS 9 significantly mitigate accounting mismatches and volatility compared to IFRS 4 and IAS 39.
"Insurers must carefully assess and finalise accounting policy choices and estimation techniques," he said.
Anuj Ladha from KPMG India said actuaries play a crucial role in IFRS 17 implementation, from policy decisions to system integration and financial statement preparation.
KPMG officials at the IFRS 17 workshop for insurance professionals.
