Tag Archives: Joseph Sloan

Determining the Fair Value of insurance liabilities under IFRS 17

While the implementation date for International Financial Reporting Standard (IFRS) 17 is still two years away, the deadline is a relatively short one considering the significant changes required to companies’ financial reporting results, systems, and processes.

In their first sets of accounts under the new regime, companies need to show a restated balance sheet on an IFRS 17 basis as at the expected transition date of 1 January 2021. The calculation of the Contractual Service Margin (CSM) at the transition date is proving to be one of the most complicated parts of the regime’s implementation. Milliman’s Andrew Kay, Joseph Sloan and Rik van Beers provide perspective in this briefing note, which focuses on the Fair Value Approach to transition.