Concepts of IFRS 4 â Insurance Contracts & Implementation ...

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Challenges for insurers Clarity and implementation guidance required from Institute of Actuaries, IRDA and ICAI on the proposed changes Resolution of the key issues and concerns raised Significant systemic changes & dearth of trained resources No field testing available to validate the practical results of implementation Timing of the standard and effective dates not clear Preparing two set of books for financial reporting & regulatory reporting Divergence on certain issues between IASB and FASB to be addressed Necessary changes in Tax laws, IRDA Act, SEBI Act, RBI Act and other regulations Copyright Birla Sun Life Insurance Company Limited 2008
Questions or Comments E mail id: mayank.bathwal@birlasunlife.com Copyright Birla Sun Life Insurance Company Limited 2008
Page 1 and 2: Concepts of IFRS 4 - Insurance Cont
Page 3 and 4: IFRS 4 : Insurance contracts - Phas
Page 5 and 6: Product Classification flowchart IF
Page 7 and 8: IFRS 4 Phase I Unbundling & Embedde
Page 9 and 10: Accounting policy IFRS 4 Phase I In
Page 11 and 12: IFRS 4 Phase I Impact : Balance she
Page 13 and 14: IFRS 4 Insurance contracts - Phase
Page 15 and 16: IFRS 4 Phase II Project timelines P
Page 17 and 18: IFRS 4 Phase II IFRS 4 Phase II mod
Page 19 and 20: Accounting and Disclosure Gaps Iden
Page 21 and 22: IFRS 4 Phase II:-More than accounti
Page 23: Business Implications Insurers

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Concepts of IFRS 4 â Insurance Contracts & Implementation ...