Concepts of IFRS 4 â Insurance Contracts & Implementation ...
Concepts of IFRS 4 â Insurance Contracts & Implementation ...
Concepts of IFRS 4 â Insurance Contracts & Implementation ...
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<strong>IFRS</strong> 4 Phase II:-More than accounting impact<br />
<strong>IFRS</strong> 4 Phase II<br />
<br />
Anticipation <strong>of</strong> changes to product features due<br />
to changes in pr<strong>of</strong>it signatures, regulatory capital<br />
A number <strong>of</strong> key areas<br />
need to be considered<br />
<br />
Significant changes to financial statement<br />
presentation and disclosures; new processes<br />
and controls<br />
Policies<br />
Process and<br />
controls<br />
<br />
<br />
Alignment <strong>of</strong> financial and management<br />
reporting metrics and processes<br />
Training and communication<br />
Governance<br />
and<br />
organisation<br />
PM, MI,<br />
KPIs<br />
<br />
Pr<strong>of</strong>ound impact on processes, data and<br />
systems. The impact on closing processes<br />
and reporting<br />
People<br />
Systems<br />
and data<br />
<br />
Restructuring <strong>of</strong> the technology landscape is<br />
expected to be complex and costly.<br />
Copyright Birla Sun Life <strong>Insurance</strong> Company Limited 2008
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