EY - IFRS 17: Financial statements and the investor story

EY Insurance webcast

IFRS 17: Financial statements and the investor story

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The International Accounting Standard Board (IASB or the Board) has concluded its deliberations on the new Insurance Accounting Standard, formerly referred to as IFRS 4 Phase II and now tentatively called IFRS 17 (the Standard). The Board is expected to issue the final Standard in the second quarter of 2017 and is required to be fully implemented by insurers by 2021.

This will represent the most significant change to accounting requirements ever undertaken by insurers requiring companies to entirely overhaul their financial statements and underlying actuarial models, financial reporting processes and systems. Given the scale of this change, investors and other stakeholders will want to understand the likely impact as early as possible

Join a panel of EY specialists as they explore the impact of IFRS 17 on presentation and disclosures in the financial statements, plus implications for reporting metrics and the investor story.

  • Key changes in presentation and disclosure requirements relative to existing IFRS
  • Insights on how companies may report their results in the future, including a focus on KPIs and value drivers under IFRS 17
  • Potential challenges surrounding investor communication under IFRS 17
  • What may be the focus of analysts and investors under IFRS 17

Panelists

EY - Simon Woods

Simon Woods

EY

Simon Woods is a Partner at EY, based in London.  Simon leads EY’s Global Insurance Optimization business, which focuses on capital and in-force management. Simon is working with a number of insurance companies to help them understand how IFRS 17 will change the way in which they manage their business and communicate their strategy.

Simon is also Global Insurance Brexit Lead at EY, and is responsible for developing and coordinating EY’s advice to insurance clients on their Brexit responses. Simon joined EY in 2014 from Goldman Sachs, and has over 20 years’ experience of advising insurance firms on strategic corporate finance and risk management issues.

EY - Steve Cooper

Steve Cooper

IASB

Steve Cooper became a member of the IASB in 2007 having previously served on a number of IASB advisory groups, including the working group related to the development of IFRS 2 Share-based Payment and the joint international group advising the IASB and FASB on financial statement presentation. He was also a member of the IASB’s investor advisory group from its inception, now called the capital markets advisory committee.

Prior to joining the IASB Mr Cooper was a Managing Director in the equities division of UBS Investment Bank. He joined UBS in 1997 as an analyst specialising in equity valuation and accounting for which he was voted the #1 analyst in Europe for several years. Subsequently he was also appointed as a member of the UBS research global investment recommendations committee and the investment committee of the UBS UK pension fund.

Mr Cooper has also had other investment banking related roles including corporate finance advisory at Schroders, now part of Citigroup, and financial analysis education and training.

Mr Cooper qualified as an accountant in 1983 and has a Master’s degree in Accounting and Finance from the London School of Economics.

Moderator

EY - Kevin Griffith

Kevin Griffith

EY

Kevin is EY’s Insurance IFRS Leader in which capacity he is responsible for our IFRS 17 and IFRS 9 initiatives globally. Kevin is closely involved in industry debates on technical accounting issues. He provides training in insurance accounting; speaks at accounting seminars; writes articles for industry publications; and has been a major contributor to EY thought leadership and our responses to international insurance and regulatory accounting developments.