Course Description

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.

Programme Outline: 

  • Welcome Address
  • Challenges Faced by Insurers on First-year Adoption
  • FRS 117 vs MAS' Risk-Based Capital 2 (RBC 2)
  • Preparation for First-year Audits of FRS 117
  • Question & Answer (Q&A) Session 

 

Intended For:

  • Audit Professionals / PAIP 
  • Finance Professionals  / PAIB
  • C-suite & Directors

 

Competency Mapping: 

  • CPE Category 1 = 2.0 CPE Hours 

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Alvin Chua

Alvin is a director at KPMG Singapore with over 19 years of audit and advisory experience particularly in the insurance sector. Over the years, he has worked with a variety of insurance entities ranging from life, non-life insurers, reinsurers, captive insurers, Lloyd’s syndicates to insurance intermediaries. His work with insurers covers audit, insurance accounting advisory and regulatory reporting and compliance advisory.He currently chairs the ISCA IFRS 17 Working group under the ISCA Insurance Committee. His experience with FRS 117 started from 2013 when the exposure draft for IFRS 17 was first issued. He had been involved in assisting ISCA in drafting comments to the exposure draft and on subsequent amendments to IFRS 17. At KPMG, he has been involved in discussions at the global level on issues relating to IFRS 17. He also leads the technical accounting for IFRS 17 in KPMG Singapore. He has conducted numerous trainings on IFRS 17 both internally within KPMG Singapore and also externally to clients and also at the Singapore College of Insurance. He has been involved in a number of engagements helping clients to implement IFRS 17 or audit teams in evaluating insurers implementation of IFRS 17 both in Singapore and also regionally.
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Jaslin Du

Jaslin is an audit partner with Ernst & Young Singapore with 18 years of experience in providing assurance professional services to the insurance industry. She is involved in various IFRS 17 projects focusing on implementation and business advisor role for insurers and has hosted IFRS 17 related webinars and workshops for insurers.  Jaslin graduated with a Bachelor of Commerce from University of New South Wales (Sydney) and is a member of the Institute of Singapore Chartered Accountants and Chartered Accountants Australia and New Zealand.
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Kevin Ohng

Kevin is a Partner with PricewaterhouseCoopers Singapore’s Financial Services Assurance Practice, specialising in the audits of entities in the Financial Services industry. He is approved by the Monetary Authority of Singapore (MAS) to conduct statutory audits of insurers and banks. He is also the current Chairman of the ISCA Insurance Committee and Deputy Chairman of the ISCA Financial Statements Review Committee (FSRC). The Insurance Committee works closely with the MAS and the insurance industry on issues affecting the industry including accounting and regulatory matters. The FSRC works closely with the Accounting & Corporate Regulatory Authority (ACRA) on their Financial Reporting Surveillance Programme (FRSP) with the objective of raising the quality of financial reporting in Singapore.
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Steven Goh

Steven is an audit partner with KPMG in Singapore and has more than 25 years of experience in the audit of financial institutions. He is the Head of Insurance Audit for KPMG in Singapore.He has led in a variety of Financial Services Audit and Advisory engagements for clients across a wide spectrum of the financial services industry, specialising in insurance and insurance intermediaries. Steven has led the audit engagements of listed companies and international and regional insurance groups, reporting under Singapore FRS, IFRS and US GAAP. He has also played regional coordination role for a number of regional and international clients.Steven has been a trainer with the Institute of Singapore Chartered Accountant (“ISCA”) and the Singapore College of Insurance (“SCI”); and a recurring faculty trainer at the ASEAN School of Young Insurance Managers organised by the ASEAN Insurance Council.
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Tay Siang Leng

Tay Siang Leng (SL) joined QBE Asia in 2019 as Chief Financial Officer and Head of FP&A of QBE Asia. He is the Chairman of QBE Vietnam and holds Directorships in a number of QBE entities in Asia in Singapore, Malaysia and HK. Starting his career with PricewaterhouseCoopers (PWC), SL has worked in the insurance industry for over 20 years, including roles within Monetary Authority of Singapore (MAS), FM Global, RSA and Allied World Assurance Company Ltd.SL is a Fellow Chartered Accountant (FCA) of Singapore and a Committee Member of the ISCA Insurance Committee. He also sits on the APAC FP&A Council of the Association for Financial Professionals (AFP). SL holds a Bachelors Degree in Accountancy from Nanyang Technological University (SG) and an MBA in Finance from The University of Manchester. SL is a winner of the ‘Excellence in FP&A” at the 2022 FutureCFO Excellence Awards.
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Celina Goh

Celina is the Head of Finance with Manulife Singapore Pte Ltd with 28 years of experience in the life insurance industry. Her progressive leadership roles in the Company covers finance operations, investments, tax, planning and analysis, financial reporting to group, local management and regulators. She has been involved in the local industry discussion on FRS117 since 2020 ranging from policy position papers to tax approach under IFRS17 framework. On the corporate front, she leads her finance project team on IFRS17/FRS117 implementation and reporting deliverables. Celina is a Bachelor of Accountancy graduate from Nanyang Technological University and is a member of the Chartered Accountant of Singapore.

Course Rating

Speaker's Rating

2 CPE Hours

Lesson(s)

4

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