EY Asia-Pacific Insurance webcast

IFRS 17 - Implementation challenges and opportunities for Asia-Pacific insurers

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With the issuance of the new accounting standard for insurance contracts (IFRS 17 replacing IFRS 4), the International Accounting Standards Board (IASB) closes a long and eventful journey to define the basic objectives, accounting principles and reporting guidelines for this new standard.

Watch a reply of our webcast where Conor Geraghty, Practice Fellow at the IASB, and experienced EY specialists share the basic principles of the new standard and explain the key differences with the old standard, including the significant impacts on presentation and disclosures in the new financial statements, plus potential implications for reporting metrics and business value drivers. The webcast will also explore some of the key implementation challenges and opportunities for Asia-Pacific insurers.


What the webcast covers


  • The basic principles of the new IFRS 17 standard
  • Key changes in financial statements presentation and disclosure requirements relative to current practice
  • Insights on how companies may publically report their financial results in the future, including a focus on KPIs and value drivers under IFRS 17
  • Implementation challenges and opportunities for insurers operating in the Asia-Pacific region

Moderator


EY - Martyn van Wensveen

Martyn van Wensveen – Partner, EY Asia-Pacific IFRS 17 Implementation Leader, Malaysia

Martyn van Wensveen is a partner in EY’s Malaysian Advisory practice based in Kuala Lumpur, covering both the ASEAN and HK/China regions. Martyn is the Asia-Pacific IFRS 17 campaign leader responsible for raising awareness and guiding the rollout and implementation of this important new standard for the region.  He has led numerous IFRS Implementations and Finance Function Transformations for over 40 financial services clients in Asia, Europe and Africa over the past 20 years. He is also a member of the global IFRS17 implementation advisory panel of EY, focusing on the operational and program management aspects of the conversion.


Panelists


EY - Conor Geraghty

Conor Geraghty – Practice Fellow, IASB

Conor is a Director in EY’s Financial Accounting Advisory Services department in London. He has over thirty years’ experience of helping insurance clients with financial reporting. Conor has spent the past three years and nine months seconded to the IFRS Foundation as a practice fellow to help the IASB to complete IFRS 17.  

 


EY - Brendan Counsell

Brendan Counsell – Director, Ernst & Young, Australia

Brendan is a director in EY’s Australian actuarial practice based in Sydney. Brendan is a member of EY’s global IFRS 17 technical panel and contributes to a number of local industry and professional groups on IFRS 17.


EY - Patrick Menard

Patrick Menard – Partner, Financial Accounting Advisory Services, Ernst & Young LLP, Singapore

Patrick is a French partner of the Financial Services Office based in Singapore, in charge of the Financial Accounting Advisory Services for insurance companies. He currently leads the ASEAN IFRS 17 and 9 campaign.


EY - Tze Ping Chng

Tze Ping Chng – Partner, Actuarial & Insurance Advisory Services, Ernst & Young Advisory Services Limited, Hong Kong

Tze Ping currently leads the Hong Kong EY Actuarial Services practice. He has over 17 years of client serving experience and in-depth insurance industry knowledge, acting as adviser to board members and senior management of insurance companies. Tze Ping has a diverse cross-cultural experience in a wide variety of engagements including financial reporting (IFRS and USGAAP), embedded value, (risk based) capital management, inforce management, appointed actuary role, mergers & acquisitions, purchase price allocation, ALM, financial risk management, and product development.