QUESTIONSMeeting the Challenges of the New International Financial Reporting Standards (fmc2IFRS)
| Event Date/Time: Mar 06, 2006 | End Date/Time: Mar 07, 2006 |
| Registration Date: Mar 03, 2008 | |
| Early Registration Date: Feb 20, 2006 |
Report as SpamDescription
The workshop is aimed at those wishing to understand the current position and likely future outlook for international reporting standards for insurance companies in Europe. The workshop will address the current challenges faced under IFRS 4 and IAS39 and other relevant IFRS standards, for life and non-life operations, with examples and suggested solutions. The workshop will review the direction that IASB is likely go in developing Phase II of the Insurance Contact project, the revision of IAS 39 and revenue recognition and reporting of corporate income (earnings) and how insurance companies should prepare for these changes.
PROGRAM:
Day 1: The Challenges of Current IFRS’s and Sensible Solutions
- Background to the development of IFRS’s
Challenges posed by the compromise to meet the EU 2005 deadline and practical solutions
- What investors and analysts look for when assessing the financial statements of insurance companies
- Managing the asset-liability mismatch and using the fair-value option
- Risk disclosures and how they should be presented
- Outstanding issues in revenue recognition
- Business Combinations: the effect of unequal treatment of acquired and internally generated goodwill
- How IFRS standards are impacting on the development of Solvency II
Day 2: The Future Challenges to IFRS’s for Insurance Companies: Anticipation and Planning
- The new IASB and FASB joint roadmap: key issues in reconciling US GAAP with IFRS’s for insurance
- Determining risk margins, discounting and emergence of profit
- The inappropriateness of credit risk in the measurement of insurance liabilities
- Treatment of options and guarantees in life insurance liabilities: allowing for behavioural assumptions
- Embedded values and broader measures of economic value creation and how they should be reported
- Performance reporting, revenue recognition and the measurement of earnings of insurance companies: the likely direction that IASB will take
- How to best respond to the likely future changes to IFRS’s
SPEAKERS
The workshop will be led by:
- Gerry Dickinson PhD is Vice Secretary General and Head of the Insurance and Finance Research at The Geneva Association and is emeritus professor of international insurance at the Sir John Cass Business School, City of London. He is was previously a professor of finance at the University of British Columbia, Canada, and then held the CV Starr Chair in Insurance at the American School of International Management, Thunderbird Campus, Arizona. He is consultant on insurance industry issues to the OECD, the European Commission and the China Insurance Regulatory Commission and holds non-executive directorships with an insurance company and a Lloyd’s insurance broker.
- Tim Harris is a Partner at PricewaterhouseCoopers. He joined the firm after 4 years working as Group Financial Reporting Director for the UK’s largest insurance group Aviva Plc. Tim has worked on the implementation of IFRS at Aviva as well as working with companies to implement US GAAP and SEC reporting. In addition, Tim has been involved in a number of industry wide initiatives to develop and improve financial reporting for insurance, including the development of “European Embedded Value”. He has worked within the “CFO Forum” of leading European Insurance companies and on the CEA (Committee European des Assurances), ABI (Association of British Insurers) and ICAEW insurance reporting committees. Tim also served on the Insurance sub-committee of EFRAG, developing recommendations for the European Commission on insurance reporting issues. Tim is a Fellow of the ICAEW and a Chartered Insurance Practitioner. He graduated from the University of Durham in 1990, qualified as an accountant in 1993 and became an Associate of the Chartered Insurance Institute in 1999. Between 1996-1998 he undertook an international exchange to PwC Bermuda, serving the offshore insurance industry.
PROGRAM:
Day 1: The Challenges of Current IFRS’s and Sensible Solutions
- Background to the development of IFRS’s
Challenges posed by the compromise to meet the EU 2005 deadline and practical solutions
- What investors and analysts look for when assessing the financial statements of insurance companies
- Managing the asset-liability mismatch and using the fair-value option
- Risk disclosures and how they should be presented
- Outstanding issues in revenue recognition
- Business Combinations: the effect of unequal treatment of acquired and internally generated goodwill
- How IFRS standards are impacting on the development of Solvency II
Day 2: The Future Challenges to IFRS’s for Insurance Companies: Anticipation and Planning
- The new IASB and FASB joint roadmap: key issues in reconciling US GAAP with IFRS’s for insurance
- Determining risk margins, discounting and emergence of profit
- The inappropriateness of credit risk in the measurement of insurance liabilities
- Treatment of options and guarantees in life insurance liabilities: allowing for behavioural assumptions
- Embedded values and broader measures of economic value creation and how they should be reported
- Performance reporting, revenue recognition and the measurement of earnings of insurance companies: the likely direction that IASB will take
- How to best respond to the likely future changes to IFRS’s
SPEAKERS
The workshop will be led by:
- Gerry Dickinson PhD is Vice Secretary General and Head of the Insurance and Finance Research at The Geneva Association and is emeritus professor of international insurance at the Sir John Cass Business School, City of London. He is was previously a professor of finance at the University of British Columbia, Canada, and then held the CV Starr Chair in Insurance at the American School of International Management, Thunderbird Campus, Arizona. He is consultant on insurance industry issues to the OECD, the European Commission and the China Insurance Regulatory Commission and holds non-executive directorships with an insurance company and a Lloyd’s insurance broker.
- Tim Harris is a Partner at PricewaterhouseCoopers. He joined the firm after 4 years working as Group Financial Reporting Director for the UK’s largest insurance group Aviva Plc. Tim has worked on the implementation of IFRS at Aviva as well as working with companies to implement US GAAP and SEC reporting. In addition, Tim has been involved in a number of industry wide initiatives to develop and improve financial reporting for insurance, including the development of “European Embedded Value”. He has worked within the “CFO Forum” of leading European Insurance companies and on the CEA (Committee European des Assurances), ABI (Association of British Insurers) and ICAEW insurance reporting committees. Tim also served on the Insurance sub-committee of EFRAG, developing recommendations for the European Commission on insurance reporting issues. Tim is a Fellow of the ICAEW and a Chartered Insurance Practitioner. He graduated from the University of Durham in 1990, qualified as an accountant in 1993 and became an Associate of the Chartered Insurance Institute in 1999. Between 1996-1998 he undertook an international exchange to PwC Bermuda, serving the offshore insurance industry.
Venue
Additional Information
Timetable: 09.00 registration / 09.30 start / 17.00 c.a. finish
Location: Congress & Training Centre, Borsa Italiana, Piazza degli Affari, Milano
Language: English
Accommodation: Concentric has arranged preferential B&B rates for finance master class™ participants with Hotel UNA Cusani (4*) just 3 minutes walk from the Italian Stock Exchange
Cost: Euro 1.600 + VAT per person (cost includes study pack, coffee breaks and buffet lunch)
