KPMG in Bahrain to shed light on IFRS 17

KPMG in Bahrain is gearing up to host an awareness seminar and workshop for insurance companies on 9th December 2019 to present the International Financial Reporting Standards (IFRS 17 “Insurance Contracts” and IFRS 9 “Financial Instruments”) that will be effective on insurance companies from 1 January 2022.

The International Accounting Standards Board (IASB) issued IFRS 17 “Insurance Contracts” in May 2017. IFRS 17 sets out the requirements a company should apply in reporting information related to insurance contracts it issues and reinsurance contracts it holds. IFRS 17 is the first comprehensive and truly international IFRS Standard establishing the accounting for insurance contracts. It provides updated information about the obligations, risks and performance of insurance contracts and it increases transparency in financial information reported by insurance companies.

Jaafar AlQubaiti, Partner and Head of Audit, at KPMG in Bahrain commented on the upcoming event: “it is the dawn of a new era. After nearly 20 years of discussion, exposure drafts and debate, the comprehensive new accounting model in IFRS 17 will give users of financial information a whole new perspective on insurers’ financial statements. The impact on individual insurance companies will be highly variable depending on their previous policies and practice, and the nature of the insurance business they contract, especially whether it is short tailed or life, but it is certain to see many and various impacts”.


Source: al bawaba