For insurers in Singapore, 1 January 2023 will represent the beginning of a new era as FRS 117 Insurance Contracts will come into effect, which will affect the preparation of statutory financial statements. The new accounting standard brings greater comparability and transparency on the profitability of new and in-force businesses and will give users more insight into an insurer’s financial health than ever before.This webinar is organized by ISCA Insurance Committee (INS) to share insights on challenges faced by insurers on the first-year adoption of FRS 117 and how insurers could prepare themselves for first-year audits of FRS 117.The IFRS 17 Working Group (set up under the ambit of the INS) will share perspectives on how insurers may leverage reporting and solvency requirements under MAS’ Risk-based Capital 2 to comply with FRS 117 requirements.Time Programme3.00pm Welcome AddressBy Mr Kevin Ohng, Chairman of ISCA Insurance Committee (INS) and Partner, PricewaterhouseCoopers LLP3.10pmChallenges faced by insurers on first-year adoptionBy Ms Celina Goh, Head of Finance, Manulife Singapore Pte Ltd and Mr Tay Siang Leng, Chief Financial Officer and Head of FP&A, QBE Asia3.45pmFRS 117 vs MAS’ Risk-Based Capital 2 (RBC 2) Presented by Mr Alvin Chua, Chairman of IFRS 17 Working Group and Director, KPMG Services Pte Ltd The IFRS 17 Working Group (set up under the ambit of the INS) has worked on a series of articles comparing FRS 117 and RBC 2 requirements in the following areas with a view to publishing on ISCA Journal: Overview and separation of insurance/non-insurance components from insurance contracts (July 2022 issue of ISCA Journal);Determination of contract boundaries for life insurance business (September 2022 issue of ISCA Journal); andMeasurement of insurance liabilities for life insurance business (December 2022 and January 2023 issues of ISCA Journal);Use of the premium allocation approach (target to be published in Q2 2023); andAccounting for reinsurance contracts held (target to be published in Q3 2023).Mr Alvin Chua will be sharing insights from these articles on the key differences between FRS 117 and RBC 2 and areas where insurers can potentially achieve alignment between the two reporting requirements4.15pmPreparation for first-year audits of FRS 117 Presented by Ms Jaslin Du, Partner, Financial Services, Ernst & Young LLP and Mr Steven Goh, Partner, KPMG LLPThe first-year audit of FRS 117 financial statements for FY2023 will be a significant one and covers not only FY2023 balances but also the transition balance sheet as at 1 January 2022 and the comparatives for FY 2022. This is in addition to the audit of the MAS annual returns and other group reporting audits on other accounting basis.Ms Jaslin Du and Mr Steven Goh will be sharing insights and considerations on how the FRS 117 audit will be executed. They will be covering:Pre-2023 audit of the transition and opening-balance✔Planning and timing of the various audits of reporting requirements✔Interaction between group and local audit efforts✔Localisation of FRS 117 requirements by local management✔IT system and data requirement, flow and integrityFY 2023 and beyond audit which will cover the financial statements on FRS 117 basis and MAS Returns on MAS basis✔Internal control over financial reporting✔Continual involvement of specialists such as actuaries and IT specialists4.45pmQuestion & Answer SessionJoin our line-up of leading subject-matter experts as they deliberate issues relating to the new Insurance Contracts standard and address any questions that you may have at hand.5.00pmEnd of Session Training MethodologyInteractive facilitated presentation Closing Date for Registration1 week before programme or until full enrolment
For insurers in Singapore, 1 January 2023 will represent the beginning of a new era as FRS 117 Insurance Contracts will come into effect, which will affect the preparation of statutory financial statements. The new accounting standard brings greater comparability and transparency on the profitability of new and in-force businesses and will give users more insight into an insurer’s financial health than ever before.This webinar is organized by ISCA Insurance Committee (INS) to share insights on challenges faced by insurers on the first-year adoption of FRS 117 and how insurers could prepare themselves for first-year audits of FRS 117.The IFRS 17 Working Group (set up under the ambit of the INS) will share perspectives on how insurers may leverage reporting and solvency requirements under MAS’ Risk-based Capital 2 to comply with FRS 117 requirements.
Welcome Address
By Mr Kevin Ohng, Chairman of ISCA Insurance Committee (INS) and Partner, PricewaterhouseCoopers LLP
Challenges faced by insurers on first-year adoption
By Ms Celina Goh, Head of Finance, Manulife Singapore Pte Ltd and Mr Tay Siang Leng, Chief Financial Officer and Head of FP&A, QBE Asia
FRS 117 vs MAS’ Risk-Based Capital 2 (RBC 2)
Presented by Mr Alvin Chua, Chairman of IFRS 17 Working Group and Director, KPMG Services Pte Ltd
The IFRS 17 Working Group (set up under the ambit of the INS) has worked on a series of articles comparing FRS 117 and RBC 2 requirements in the following areas with a view to publishing on ISCA Journal:
Mr Alvin Chua will be sharing insights from these articles on the key differences between FRS 117 and RBC 2 and areas where insurers can potentially achieve alignment between the two reporting requirements
Preparation for first-year audits of FRS 117
Presented by Ms Jaslin Du, Partner, Financial Services, Ernst & Young LLP and Mr Steven Goh, Partner, KPMG LLP
The first-year audit of FRS 117 financial statements for FY2023 will be a significant one and covers not only FY2023 balances but also the transition balance sheet as at 1 January 2022 and the comparatives for FY 2022. This is in addition to the audit of the MAS annual returns and other group reporting audits on other accounting basis.
Ms Jaslin Du and Mr Steven Goh will be sharing insights and considerations on how the FRS 117 audit will be executed. They will be covering:
✔Planning and timing of the various audits of reporting requirements
✔Interaction between group and local audit efforts
✔Localisation of FRS 117 requirements by local management
✔IT system and data requirement, flow and integrity
✔Internal control over financial reporting
✔Continual involvement of specialists such as actuaries and IT specialists
Question & Answer Session
Join our line-up of leading subject-matter experts as they deliberate issues relating to the new Insurance Contracts standard and address any questions that you may have at hand.
End of Session
Training MethodologyInteractive facilitated presentation Closing Date for Registration1 week before programme or until full enrolment
Finance Leaders and Audit Practitioners
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