The Actuarial Society of Hong Kong Presents International ... IFRS Seminar, 1-2Dec.pdfThe Actuarial Society of Hong Kong Presents International Financial Reporting Standards for Insurers

  • View
    218

  • Download
    5

Embed Size (px)

Text of The Actuarial Society of Hong Kong Presents International ... IFRS Seminar, 1-2Dec.pdfThe Actuarial...

  • The Actuarial Society of Hong Kong Presents

    International Financial Reporting Standards for Insurers

    InsuranceContractAccounting:ForthcomingIASBInsuranceContractStandardandFASBTargetedChanges:

    PreviouslybroughttoyoubytheSocietyofActuariesInternationalandFinancialReportingSections,theActuarialSocietyofHongKongisnowproudtopresentthisIFRSSeminartoactuariesinAsia.ThisseminarisspeciallydesignedforinternationalactuarieswhoareresponsibleforfinancialreportingincompliancewiththeInternationalFinancialReportingStandards(IFRS)aswellasactuariesthatneedtobeupdatedonUSGAAP.TheseminarwillfocusontheJuly2013ExposureDraft(ED),includingcommentlettersreceivedandanticipatedchangesfromtheEDasaresultoftheIASBsredeliberationprocess.Thefinalstandardisanticipatedtobereleasedinlate2016sonowisthetimetolearnwhattheimplicationsmaybe.Theseminariscomposedofbothlecturesandworkshopswhereparticipantscanapplyprincipleslearnedtopracticalexamples.Attendeeswillcomeawaywithadeeperinsightintoadvancedmethods,currentthinkingandalternativeapproachestofinancialreporting.

    1-2 December 2016 InterContinental Grand Stanford Hong Kong

  • Thisseminarisspeciallydesignedfor

    internationalactuarieswhoareresponsibleforfinancialreportingincompliance

    withtheInternationalFinancialReportingStandards(IFRS).TheseminarwillfocusontheJuly2013ExposureDraft(ED),including

    commentlettersreceivedandanticipatedchangesfromtheEDasaresultoftheIASBsredeliberationprocess.Thefinalstandardisanticipatedtobereleasedinlate2015

    sonowisthetimetolearnwhattheimplicationswillbe.Theseminariscomposedofbothlecturesandworkshopswhereparticipantscanapplyprincipleslearnedtopracticalexamples.Attendeeswillcome

    awaywithadeeperinsightintoadvancedmethods,currentthinkingandalternativeapproachestofinancialreporting.

    MeetingTopics

    IFRSTheoryandGuidance Financialreportingforinsurers Actuarialvaluationmethods HistoryofIFRSforinsurance Disclosures Productclassification Unbundling IFRS4Phase2insurancecontractmodel Levelofmeasurement Acquisitioncosts Contractboundaries Discounting Riskandcontractservicing(residual)

    margins Participatingcontracts Shortdurationcontracts Reinsurance Presentationincludingpremiumrecognition

    OVERVIEW

    IFRSApplicationandPracticalIssues ComparisonstoHongKongRBC FASBtargetedchanges Cashflowincluded Assetaccountingandredesignation PGAAP Transition Presentation

    Theseminarwilltakealectureandworkshopapproach:topicswillbepresentedandthenfollowedwithexamplesforattendeestoapplytheinformation.Everydayproducts,aswellasthosedesignedtoillustrateaprinciple,willbeaddressed.

    Questionandanswersessionswilltakeplaceattheendofeachdaytoaddressanyuniquesituationsyoumayface.Youwillbeaskedtoprovideadescriptionofyourproducts.Thefacultywilldiscussrelevantconsiderationsandtreatmentsduringtheseinteractivesessions.

  • Venue: Picasso Room, B1, InterContinental Grand Stanford Hong Kong

    Thursday, 1 December 08:30 09:00 Registration and Continental Breakfast 09:00 17:00 Meeting (includes Group Luncheon) 17:00 18:00 Q&A and Happy Hour

    Friday, 2 December 08:30 09:00 Registration and Continental Breakfast 09:00 17:00 Meeting (includes Group Luncheon) 17:00 Adjourn

    ADDITIONAL INFORMATION

    Language All sessions will be transacted in English.

    Continuing Professional Development

    This Seminar may qualify for (Actuaries Institute Australia/ ASHK / CAS / CIA / IFoA / SOA) Continuing Professional Development (CPD).

    Actuarial members may find it a useful contribution to their personal professional development. A maximum of 12 CPD hours* can be claimed. The amount

    of hours recorded is left to the discretion of the individual.

    * 1 CPD hour = 60 minutes

    Recommended Advanced Reading List Pre-reading is not necessary for the seminar. The following reading list is provided as background to the topics covered.

    US GAAP for Life Insurers, 2nd edition IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors) IAS 37 (Provisions, Contingent Liabilities and Contingent Assets) SIC 12 (ConsolidationSpecial Purpose Entities) IFRS 1 (First Time Adoption of International Accounting Standards) IFRS 3 (Business Combinations) IFRS 4 (Insurance Contracts) IFRS 4 Exposure Draft (Phase II) IAS 32 (Financial Instruments: Disclosure and Presentation) IAS 39 (Financial Instruments: Recognition and Measurement) IFRS 9 IAA Risk Margin Working Group educational paper SFAS 60 (Deferrable expenses, GAAP for traditional products) SFAS 157 (Fair Value Measurements) IASB Insurance Project

    Attire Business casual attire is appropriate for this seminar.

    AGEN

    DA

  • TzePingChng,FSA,MAAAPartneroftheActuarial&InsuranceAdvisoryServices,HongKongErnst&YoungTzePingChngisaPartneroftheEYActuarial&InsuranceAdvisoryServicesinHongKong.Tzehasover16yearsofexperienceservingclientsinGreaterChina,Japan,Korea,ASEAN,andtheAmericas.HeleadstheHongKongoffice,coveringthedaytodayoperationsofthepractice.Tzehasindepthinsuranceindustryknowledge,actingasadvisertotheboardmembersandseniormanagementofinsurancecompanies.Hehasbeenanappointedactuary,andhasledfinancialreportingengagements,M&Atransactions,financialriskandcapitalmanagement,developmentofinsuranceproductswithguarantees,etc.TzeisaFellowoftheSocietyofActuaries,andaMemberoftheAmericanAcademyofActuaries.HeisalsooneoftheauthorsofthebookVariableAnnuities:AGlobalPerspective(publishedbyRiskBooksinDecember2009).

    MichaelLockerman,FSA,MAAAPrincipalPricewaterhouseCoopers MichaelLockermanisaPrincipalinPwCsActuarialServicespracticeinNewYork.MichaelisanFSA,CFAandMAAA.BesidestheUS,MichaelhaslivedinbothTokyoandHongKongforseveralyearsandledthoseactuarialpracticesforPwC.Michaelfocuseshisconsultingservicesonfinancialmodelingandprocessimprovementaswellasfinancialduediligenceprojects.Michaelhasperformedgapanalysesofregionalactuarialmodelsandhasprovidedmodellingstrategyadviceforglobalinsurersworkinginseveralreportingandsolvencyregimes.HehasassistedcompaniesinfairvalueimplementationsonUSGAAPandIFRSbases,hasworkedonSolvencyIIassessments,andhadassistedmanycompanieswiththeirIFRSconversions.

    WilliamHorbatt,FSA,MAAA,MIAAConsultingActuaryActmasol

    HorbattisaconsultingactuarywithActmasol,aboutiqueactuarialandmanagementconsultingfirmthatspecializesininternationalissues.HeservesclientsinEurope,NorthAmericaandLatinAmerica,wherehefocusesonfinancialreportingprocessimprovement.

    Horbatthasdecadesofexperiencewhichincludesworkingfor"BigFour"accountingfirmsandmanaginglargelifeinsurancecompanies.HehasledGAAPconversionsinbothFranceandItalyandprovidedinvestmentbankerservicesinElSalvador.Earlierinhiscareer,heservedasthechieffinancialofficerforlifeinsurancestrategicbusinessunitsinNewYorkandParisandiscurrentlytheappointedactuaryforseveralcompanies.

    HorbattisapastchairmanoftheSOA'sInternationalSection,pastvicechairoftheIAAMortalityWorkingGroupandpastchairoftheSOA'sInternationalExperienceWorkingGroup.HehasservedaspresidentoftheActuarialSocietyofGreaterNewYorkandisafrequentspeakeratprofessionalmeetingssuchastherecentInternationalCongressofActuariesinCapeTown.

    Horbattenteredthelifeinsuranceindustryin1974aftergraduatingfromDickinsonCollegeandservingagraduatefellowshipatRutgersUniversity.

    PRESEN

    TERS

  • EricLu,FIAAActuarialPracticeLeaderDeloitteChina

    EricisDeloittesactuarialpracticeleaderinGreaterChina.HeisaFellowofInstituteofActuariesofAustralia,FellowofHongKongActuarialSocietyandaFellowofChinaActuarialAssociation.

    Erichas20yearsofexperience.Since2001,hehasassistedinsuranceclientsinAsiaonawiderangeofengagements,suchasaudit,M&Aduediligence,financialreporting,embeddedvaluereportingandriskmanagement.

    Ericalsohasextensiveexperienceinreservecalculationandfinancialanalysisundermanycountries'accountingstandards.HeassistedmanymultinationalinsurancecompaniesinAsiamarketimplementingreservecalculation,profitabilityandbusinessplanprojectionunderUSGAAP,IFRSandAustralianaccountingstandards.

    DuringthedevelopmentofthenewIFRSinsurancecontractstandard,EricjoineddiscussioninChinasinsuranceindustryandprovidedcommentsandfeedbacktotheMinistryofFinanceofChina.

    ErichasrecentlyadvisedaHongKonglifeinsurancecompanywithmultipleoperationsinAsiatoassessthepotentialbusinessimpactofIFRS4PhaseII.

    DarrylWagner,FSA,MAAAPrincipalDeloitteConsultingLLP

    WagnerisbasedintheHartfordofficeofDeloitteConsultingLLPandservesasNationalPracticeLeaderforDeloitteConsultingsU.S.LifeActuarialPractice.Hehasmorethan25yearsofexperienceinthelifeandhealthactuarialfields,includinginvolvementinstatutoryandGAAPvaluationandfinancialreporting,mergersandacquisitions,demutualizationsandGAAPconversions.Wagnerhasextensiveinternationalexperience,havingservedclientsonsixcontinents,andistheIFRSinsuranceconsultingpracticeleaderforDeloitteConsulting.

    WagnerisafrequentspeakeratindustryfunctionsandhasparticipatedinAICPAdeliberationsonthedevelopmentofGAAPguidanceregardingdemutualizationandlongdurationcontracts.HeisapastpresenterattheSOAsU.S.andInternationalU.S.GAAPseminarsandhecurrentlyservesontheSOABoardofDirectorsandaschairoftheSOAsInternationalCommittee.HeisalsoanSOArepresentativetotheInternationalActuarialAssociation.

    WagnerearnedaBachelorofSciencedegreewithhonorsinmathematicsfromtheUniversityofNebraskain1985.BeforejoiningDeloitteheworkedforCIGNAandArthurAndersen.

    FrancescoNagariPartnerDeloitte

    PRESEN

    TERS

    Francesco,apartnerbasedinHongKong,istheDeloitteGlobalIFRSInsuranceLeader.

    Hehasover22yearsofinsuranceaccountingandbusinessexperiencewithadeepknowledgeofsomeofthekeyEuropeanandAsianinsurancemarketsandproducts.HeledseveralauditandadvisoryprojectswithmultinationalinsurancecompaniesinHongKong,LondonandMilan.Heisanexpertoninsurancereportingiss