IFRS 1

Balance Sheet Liabilities Continue to Climb for Private Companies Amid Lease Accounting Transition – New LeaseQuery Report

Retrieved on: 
Tuesday, May 18, 2021

The \xe2\x80\x9cTested 10\xe2\x80\x9d industries include Banking and Financial Institutions\xe2\x80\x94which saw a 130x increase in average lease liability\xe2\x80\x94and Higher Education, where institutions\xe2\x80\x99 average lease liability multiplied 74x.

Key Points: 
  • The \xe2\x80\x9cTested 10\xe2\x80\x9d industries include Banking and Financial Institutions\xe2\x80\x94which saw a 130x increase in average lease liability\xe2\x80\x94and Higher Education, where institutions\xe2\x80\x99 average lease liability multiplied 74x.
  • Additionally, between the lease accounting rule change and updated COVID-19 protocols, it can prompt and inform reconsideration of future lease vs. buy decisions.\n\xe2\x97\x8f Lease centralization is going to require increased transparency and balance sheet scrutiny.
  • More than 10,000 finance professionals globally rely on LeaseQuery\xe2\x80\x99s cloud-based platform for accounting compliance, financial decision-making, data centralization, lease management and lease accounting.
  • Learn more about LeaseQuery\xe2\x80\x99s core lease accounting product focused on easing the mandatory transition to ASC 842, GASB 87 and IFRS 16, or explore additional accounting tools .

OneConnect Announces First Quarter 2021 Unaudited Financial Results

Retrieved on: 
Tuesday, May 11, 2021

b'Revenue for the first quarter of 2021 rose year over year by 41.1% to RMB820 million from RMB581 million.

Key Points: 
  • b'Revenue for the first quarter of 2021 rose year over year by 41.1% to RMB820 million from RMB581 million.
  • OneConnect believes that non-IFRS financial information, when taken collectively, is helpful to investors because it provides consistency and comparability with past financial performance, facilitates period-to-period comparisons of results of operations, and assists in comparisons with other companies, many of which use similar financial information.
  • Whenever OneConnect uses a non-IFRS financial measure, a reconciliation is provided to the most closely applicable financial measure stated in accordance with IFRS.
  • You are encouraged to review the related IFRS financial measures and the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures.

Best’s Special Report: Key Performance Indicators More Meaningful Under IFRS 17

Retrieved on: 
Thursday, April 29, 2021

b'As IFRS 17 moves from the standard setting to implementation stage, a new chapter has opened, bringing with it fresh uncertainties.

Key Points: 
  • b'As IFRS 17 moves from the standard setting to implementation stage, a new chapter has opened, bringing with it fresh uncertainties.
  • Stakeholders are starting to debate what users of (re)insurance company financial reporting will do with the new data and what the likely key performance indicators (KPIs) will be under IFRS 17.
  • Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.
  • For more information, visit www.ambest.com .\nCopyright \xc2\xa9 2021 by A.M. Best Rating Services, Inc. and/or its affiliates.

AM Best to Host Webinar on IFRS 17

Retrieved on: 
Wednesday, April 14, 2021

b'AM Best will host a complimentary webinar on how International Financial Reporting Standard (IFRS) 17 will affect insurers and users of the reporting on Tuesday, April 27, 2021, at 14:30 (BST).

Key Points: 
  • b'AM Best will host a complimentary webinar on how International Financial Reporting Standard (IFRS) 17 will affect insurers and users of the reporting on Tuesday, April 27, 2021, at 14:30 (BST).
  • IFRS 17 will radically recast the way many insurers report to external financial stakeholders.
  • AM Best has gathered a panel of IFRS experts to consider how IFRS 17 will change the way insurers tell their story.
  • For more information, visit www.ambest.com .\nCopyright \xc2\xa9 2021 by A.M. Best Company, Inc. and/or its affiliates.

Moody’s Analytics Expands Insurance Footprint in Portugal, Crédito Agrícola Vida Chooses RiskIntegrity™ for IFRS 17 Solution

Retrieved on: 
Thursday, April 1, 2021

Moodys Analytics today announced that Crdito Agrcola Vida (CA Vida), the life insurance arm of Portuguese financial group Crdito Agrcola, will use the RiskIntegrity for IFRS 17 solution to address the new IFRS 17 accounting standard.

Key Points: 
  • Moodys Analytics today announced that Crdito Agrcola Vida (CA Vida), the life insurance arm of Portuguese financial group Crdito Agrcola, will use the RiskIntegrity for IFRS 17 solution to address the new IFRS 17 accounting standard.
  • Moody's Analytics delivers the capabilities, expertise, and experience we will need at each step of our IFRS 17 project, said Antnio Castanho, Chief Executive Officer at CA Vida.
  • The RiskIntegrity for IFRS 17 solution comes with the capabilities required for an efficient implementation of the standard.
  • We continue to see demand from insurers across Europe for our RiskIntegrity for IFRS 17 solution, which reflects the depth and the breadth of our IFRS 17 offering, said Christophe Burckbuchler, Managing Director at Moodys Analytics.

ESMA publishes response to IASB Post Implementation Review of IFRS 10, 11 and 12

Retrieved on: 
Wednesday, March 31, 2021

30 March 2021

Key Points: 
  • 30 March 2021

    Corporate Disclosure

    IAS Regulation

    IFRS Supervisory Convergence

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has todaypublished its response to the International Accounting Standards Board (IASB) Request for Information on the Post Implementation Review of IFRS 10, 11 and 12, including a reportproviding an overview of the implementation of the three standardsby European issuers.

  • The report draws on the experience of European enforcers since 2014 and is based on a review of a sample of 65 issuers relating to the financial years 2017, 2018 and 2019.
  • The Report considers how the requirements have been implemented and where IFRS 10, IFRS 11 and IFRS 12 should, in ESMAs view, be clarified to address divergence in practice or lack of comparability.
  • ESMA will share its findings with the IASB as a contribution to the ongoing Post Implementation Review.

ESMA publishes response to IASB Post Implementation Review of IFRS 10, 11 and 12

Retrieved on: 
Tuesday, March 30, 2021

30 March 2021

Key Points: 
  • 30 March 2021

    Corporate Disclosure

    IAS Regulation

    IFRS Supervisory Convergence

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has todaypublished its response to the International Accounting Standards Board (IASB) Post Implementation Review of IFRS 10, IFRS 11 and IFRS 12, including a reportproviding an overview of the implementation of the three standardsby European issuers.

  • The report draws on the experience of European enforcers since 2014 and is based on a review of a sample of 65 issuers relating to the financial years 2017, 2018 and 2019.
  • The Report considers how the requirements have been implemented and where IFRS 10, IFRS 11 and IFRS 12 should, in ESMAs view, be clarified to address divergence in practice or lack of comparability.
  • ESMA will share its findings with the IASB as a contribution to the ongoing Post Implementation Review.

RSA Signs Up to Moody’s Analytics Discount Curve Service for IFRS 17

Retrieved on: 
Tuesday, February 23, 2021

Moodys Analytics today announced that general insurance company RSA has signed up to the Moodys Analytics Discount Curve Service for IFRS 17 to assist with building the discount curves required to value its liabilities under the new accounting standard.

Key Points: 
  • Moodys Analytics today announced that general insurance company RSA has signed up to the Moodys Analytics Discount Curve Service for IFRS 17 to assist with building the discount curves required to value its liabilities under the new accounting standard.
  • Built on our modeling and calibration expertise, the Moodys Analytics Discount Curve Service for IFRS 17 delivers flexible yield curves and granular illiquidity premium term structures for a range of economies and credit classes, driven by the Moodys Analytics CreditEdge solution.
  • With the effective date for IFRS 17 nearing, companies need to define and implement an appropriate and robust IFRS 17 discount curve methodology that enables them to value liabilities under the new accounting standard.
  • The Moodys Analytics IFRS 17 offering includes the Discount Curve Service for IFRS 17, the RiskIntegrity for IFRS 17 solution, and the AXIS actuarial system .

Moody’s Analytics Signs Cocolife, Continues RiskIntegrity™ for IFRS 17 Expansion in Asia

Retrieved on: 
Wednesday, February 17, 2021

Moodys Analytics today announced that Philippines-based life insurance company Cocolife will use the Moodys Analytics RiskIntegrity for IFRS 17 solution to support its implementation of the new IFRS 17 accounting standard.

Key Points: 
  • Moodys Analytics today announced that Philippines-based life insurance company Cocolife will use the Moodys Analytics RiskIntegrity for IFRS 17 solution to support its implementation of the new IFRS 17 accounting standard.
  • Cocolife selected the RiskIntegrity for IFRS 17 solution for its breadth of functionality and out-of-the box calculations and analytical capabilities, which help life and non-life insurers address the demanding data volume and new calculations needed for the IFRS 17 standard.
  • Designed to support the needs of actuaries, finance, and IT professionals, the RiskIntegrity for IFRS 17 solution comes with the capabilities required for an efficient implementation of the standard.
  • By selecting the Moodys Analytics RiskIntegrity for IFRS 17 solution, we are assured that we have the software to efficiently address our financial reporting needs, enabling us to focus on our business of serving our customers and improving lives.

ESMA endorses IFRS 17 insurance contracts

Retrieved on: 
Friday, January 29, 2021

ESMA supports the endorsement of IFRS 17 which will provide a consistent system of requirements to account for insurance and reinsurance contracts.

Key Points: 
  • ESMA supports the endorsement of IFRS 17 which will provide a consistent system of requirements to account for insurance and reinsurance contracts.
  • ESMAs response to the consultation indicates that a key role in promoting greater transparency and consistency in accounting for insurance contracts in accordance with IFRS 17 is played by the principles for the aggregation of contracts that form an integral part of the new measurement model.
  • In addition, ESMA notes that IFRS 17 is a very detailed standard which reflects the complexity of the underlying insurance and reinsurance business which results in the extensive application of professional judgement.
  • The response builds on previous ESMA public positions in relation to IFRS 17, particularly its September 2019 response to EFRAGs consultation on its draft comment letter on the International Accounting Standards Boards Exposure Draft Amendments to IFRS 17.