In May 2017, the IASB issued a new accounting standard IFRS 17 Insurance Contracts, which will replace IFRS 4 Insurance Contracts on 1 January 2021. It is expected that the Hong Kong equivalent standard will be issued soon. IFRS 17 will dramatically change the way insurance companies account for insurance contracts. To implement IFRS 17, insurance companies will need to make major changes to their actuarial and finance reporting processes, systems and data. This seminar introduces the standard at a high-level. The speakers will explain the key aspects of the new standard, highlight areas that may result in a change in practice, and share some first impressions regarding the new standard.
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