Synopsis:
For insurers in Singapore, 1 January 2023 will represent the beginning of a new era as FRS 117 Insurance Contracts will come into effect, which will affect the preparation of statutory financial statements. The new accounting standard brings greater comparability and transparency on the profitability of new and in-force businesses and will give users more insight into an insurer’s financial health than ever before.
This webinar is organized by ISCA Insurance Committee (INS) to share insights on challenges faced by insurers on the first-year adoption of FRS 117 and how insurers could prepare themselves for first-year audits of FRS 117.
The IFRS 17 Working Group (set up under the ambit of the INS) will share perspectives on how insurers may leverage reporting and solvency requirements under MAS’ Risk-based Capital 2 to comply with FRS 117 requirements.
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