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Building a strong foundationPreparing for Insurance Accounting Change
2© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
With you today…
Hudson LopezPartner
+1 416 777 3034 [email protected]
Erin TaylorVice-President Finance and Chief AccountantSunlife Financial
Doron MelnickPartner
+1 416 777 8807 [email protected]
Dana ChaputSenior Manager
+1 416 777 8695 [email protected]
3© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Forthcoming standards and regulationsToday’s session will focus on how insurers may approach implementing the following major accounting and regulatory standards…
1. Early application of IFRS 16 is permitted only for companies that also apply IFRS 15. 2. LICAT is only relevant to life insurers and foreign branches regulated by OSFI
2016 2017 2018 2019 2020 2021IFRS 17 Insurance Contracts
Amendments to IFRS 4- Temporary deferral- Overlay approach
IFRS 9 Financial Instruments
IFRS 15 Revenue fromcontracts with customers
IFRS 16 Leases1
Life Insurance Capital Adequacy Test2 (LICAT)
4© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Considering change holistically
Business Change
Policy & Impact Assessment Data, Systems
& Processes
Transition
Program Management
5© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Recommendations
Work cross-functionally
Get started and work iteratively
Plan backwards from 2021
This is a complex change – manage
it that way
Look at IT and processes early
6© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Questions?
Hudson LopezPartner
+1 416 777 3034 [email protected]
Erin TaylorVice-President Finance and Chief AccountantSunlife Financial
Doron MelnickPartner
+1 416 777 8807 [email protected]
Dana ChaputSenior Manager
+1 416 777 8695 [email protected]
kpmg.ca
© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
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