This webcast is suitable for all members of IFRS 17 teams, as well as other stakeholders in the business that want to get a better understanding of progress across the global insurance community. Following the IASB’s vote to defer the start date for IFRS 17 until 1 January 2022, we have been speaking with clients across the globe about how this might affect their implementation plans. Risk, other than financial risk, transferred from the holders of a insurance accounting contract to the issuer. © 2024 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

• It can also help cover the legal expenses of fighting legal claims against the business.
• It provides cover for employees that suffer work-related injuries or illnesses and may include coverage for medical expenses and lost wages.
• In this event, business interruption insurance can help offer financial protection by compensating for lost income or expenses.
• Tom is also the founder of This Online World, a website that helps people learn how to make money online, and has spent time working remotely as a digital nomad in over a dozen countries.
• We picked Ally Bank’s Spending Account because Ally is a reputable, full-service online bank with no shortage of no-fee, no-minimum accounts.

Discount rates determined under IFRS 17 (the top-down or bottom-up approach) will differ from current US GAAP application. An explicit risk adjustment is required as part of measurement under IFRS 17, but not under US GAAP. And US companies are likely measuring their insurance contracts using groupings that do not meet the IFRS 17 grouping requirements. The disclosure requirements are also key for US companies because the volume and nature of disclosures required by IFRS 17 differ greatly from US GAAP.

Summary of IFRS 17

If the cost is too high and the benefit too small, those countries are more willing to say no to a new drug. Research has consistently found that drug prices in America are significantly higher than those in other wealthy countries. In 2018, they were nearly double those in France and Britain, even when accounting for the discounts that can substantially reduce how much American health plans and employers pay.

In fact, KPMG LLP was the first of the Big Four firms to organize itself along the same industry lines as clients. KPMG’s multi-disciplinary approach and deep, practical industry knowledge help clients meet challenges and respond to opportunities. Select the program path that matches your career goals and gain foundational knowledge in risk management and insurance.