News & Views
IFRS 17 – Dis-count Dracula
In this month’s IFRS 17 article Ajay Kotecha looks at the final building block in the set – the time value of money (or effect of discounting), including what the standard says about the methodology to use and some of the complexities around calculation.
Making Use of a 1% Charitable Causes Scheme – Teach First Futures
APR offers all employees 1% of their work time to support “a good cause such as a voluntary organisation or to a local community project”. Adam Smith describes how he made use of this allowance to support the Teach First Futures scheme.
IFRS 17 – The Story So Far
Over the course of 2018 we posted a number of articles aimed at introducing the key features and concepts of IFRS 17 to help Nearly / Newly Qualified Actuaries get to grips with this new accounting standard. Our next article looking at discounting will be out shortly, but in the meantime we thought it might be helpful to give a brief summary / reminder of the articles published so far.
IFRS 17 – The Risk Adjustment Bureau
Having got to grips with the Contractual Service Margin, in our latest IFRS 17 article we look at the Risk Adjustment – another building block which is designed to cover the usual variability of future cash flows around the best estimate over the lifetime of a product.
Another Fine Set of Exam Results
All of the results from the autumn actuarial exams are now in, and with an overall pass rate of over 75% across all exams sat the results for the Autumn exam season have seen APR’s staff demonstrate their quality once again.
APR Charity Day 2018
On 30 October 2018, 22 APR staff, contractors and three partners raised a record sum of £10,738 for five charities of their choice simply by attending work that day. Read more about this year’s APR Charitable Initiative here.
IFRS 17 – Issues Raised in Recent EFRAG Meetings
European Insurers have raised a number of concerns over the new IFRS 17 accounting standard to the IASB. At the beginning of September, the EFRAG Board sent a letter to the IFRS Foundation listing the issues that required further thought – we take a look at some of these issues.
MiFID II – Costs & Charges Disclosure (Or: How I learned to balance complexity with clarity)
On a recent client project, Chris was introduced to the EU directive MiFID II. In this article he explains the scope and remit of the directive and discusses his experience of producing MiFID II disclosure statements, thereby demonstrating the importance of balancing complexity with clarity.
IFRS 17 – On Her Majesty’s Secret Contractual Service Margin
Having given an overview of the building blocks approach in our last IFRS 17 article, this month we look in a bit more detail at the contractual service margin, a new concept introduced by IFRS 17 as a means of smoothing the projected profit of an insurance contract over its duration.
IFRS 17 – The Building Blocks Approach
We’ve previously considered why IFRS 4 wasn’t ideal in terms of insurance company profit reporting, and given a brief introduction to its replacement IFRS 17. In this month’s article we look at IFRS 17 in a bit more detail, starting with the Building Blocks Approach.