Implementing IFRS ininsurance market

Bucharest 03 June 2016

Trainer: KPMG România

Details

Given that, starting with fiscal year 2015 for a period of three consecutive years, insurance and reinsurance companies are required to prepare, for information purposes, annual financial statements in accordance with IFRS, as the second set financial statements, we are proposing a seminar that aims to address the training needs identified in the practical application of IFRS. The seminar was developed as a result of the requirement to send annual financial statements prepared in accordance with IFRS to ASF until June 30 of the following year, designed exclusively for use by those entities, their shareholders and FSA.

Target group

The seminar is addressed to people working in departments: accounting, actuarial, internal audit, risk management, and any other persons who are involved in the implementation of IFRS as accounting basis (analysts, consultants, lawyers, project managers, IT and operational departments, investor relations departments, etc.).

Course objectives

This practical seminar facilitates understanding of the concepts and principles of IFRS, how they apply to the international market, providing the framework for analysis of case studies and exchange of best practices in applying IFRS.

Subjects

Module 1 - Overview of the implications of applying IFRS

1. IAS 1 Presentation of Financial Statements:

Identifying the complete set of financial statements;
The structure and content of financial statements;
Basics in accounting policies and presentation notes.

2. Accounting assets - evaluation and recognition

IAS 16 Property, Plant and Equipment;
IAS 40 Investment Property;
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.

Module 2 - technical issues concerning the application of IFRS 4

1. Actuarial technical issues concerning the application of IFRS 4

Classification of insurance contracts, practical applications;
Practical arrangements for recognition of technical provisions in IFRS;
Test suitability of debt (LAT - Liability Adequacy Test), practical applications;
Treatment of deferred acquisition costs.

2. Aspects of accounting and disclosure of insurance contracts under IFRS 4

Disclosure on insurance contracts in the statement of financial position;
Disclosure on insurance contracts in the statement of profit or loss and other comprehensive income;
Disclosure on insurance contracts in the notes to the financial statements;
Case study on the application of IFRS 4 in the financial statements under IFRS of an insurance company.

Module 3 - Accounting of Financial Instruments

1. Classification and measurement of financial assets at initial recognition;

2. Rules reclassification of financial assets;

3. Measuring financial assets after the initial recognition:

Evaluation at amortized cost;
Evaluation at fair value;
Recognition of valuation gains and losses in profit or loss / other comprehensive income;
Impairment of financial assets.

4. Disclosure requirements related to financial instruments - IFRS 7

Case study on the application of IFRS 7 in the financial statements under IFRS of an insurance company

Module 4 - Taxation - current income tax and deferred income tax

1. Legal provisions on fiscal impact generated by the conversion to IFRS as accounting basis;

2. Presentation of the main requirements of IAS 12 Deferred tax

The tax base of assets and liabilities;
Taxable temporary differences and deductible temporary differences;
The method of calculating and recording deferred income tax.

3. Case studies specific to capital market entities

Trainer

Angela Manolache - Partner, Corporate Governance, Risk and Reporting

Angela is the coordinating partner of the consulting group in Governance, Risk and Reporting and has over 14 years of experience in financial services. She has assisted many financial institutions in the process of conversion to IFRS as accounting basis and has extensive experience in financial reporting under IFRS and prudential reporting. Also, Angela has been involved in working groups on conversion to IFRS as the basis of accounts held by regulators and / or trade associations in the financial sector and has held numerous lectures and presentations on the subject.

Ana Costea - Senior Manager, Corporate Governance, Risk and Reporting

Ana Costea is Senior Manager at KPMG Romania in the Bucharest office. Ana has over ten years of experience in financial services. Currently, Ana is coordinating the assistance in the conversion to IFRS projects for certain insurance companies, including the preparation of financial statements and documents package that highlight the differences between the accounting treatment in accordance with Order no. 3129/2005 and IFRS.

Gabriela Dragu - Manager, Corporate Governance, Risk and Reporting

Gabriela Dragu is Manager at KPMG Romania in KPMG office in Bucharest. Gabriela has over seven years of experience in accounting consultancy and over two years experience in insurance. Gabriela has been involved in various consulting projects for insurance companies, providing services such as assistance with conversion to IFRS in order to prepare the first set of financial statements under IFRS, support the implementation of a new accounting system, accounting and financial extensive support in a restructuring project.

Dan Sfetcu - Manager, Corporate Governance, Risk and Reporting

Dan is Manager at KPMG Romania in KPMG office in Bucharest. Dan has over 5 years experience in the field of actuarial consultancy in KPMG and of over 8 years as actuary in the insurance industry in Romania. KPMG main areas of expertise are: Solvency II, IFRS, actuarial and audit valuations, management of insurance and risk management processes. Dan has been involved from the beginning in the process of transition to IFRS, participated in working groups organized by UNSAR in connection with the transition to IFRS and has been involved in consultancy on conversion to IFRS projects for different insurance companies.

Ionut Măstăcăneanu - Tax Senior Manager, Taxation Services

Ionut Financial Services is the team leader of the department of taxation and tax consultants team within KPMG office in Iasi. Ionut has experience over 10 years in consultancy for local and multinational companies operating in various industries on issues of direct taxes, including income tax, withholding tax at source on income of non-residents tax implications of various structures implemented.

Ionut was involved in discussions of the Group appointed by the Fiscal Commission of Romanian Association of Banks to debate tax issues related to the implementation of IFRS and the working group organized by the Ministry of Finance during the transition to IFRS of listed companies and held a series of technical presentations on the subject.

Marius Costea - Tax Senior Manager, Taxation Services

Marius has accumulated ten years of experience in KPMG in both the audit and tax advisory services. Over time he worked for financial institutions such as insurance companies, banks, bank financial institutions and leasing companies and coordinated a series of missions to review fiscal, tax assistance for audit and consultancy, focusing on specific issues financial sector.

Cristina Gutu - Manager, Consulting, Training Coordinator Academy of KPMG

Cristina was joined KPMG as Manager of KPMG Training Academy after she specialized in providing training programs for professionals accounting for 8 years, working for one of the largest training companies in Europe. Her area of expertise covers training programs in accounting, financial reporting (Romanian and international standards: IFRS) and auditing for both the ACCA professional qualification and programs open and suitable companies from various industries.