On May 18, 2017, the International Accounting Standards Board issued a new International Financial Reporting Standard 17 “Insurance Contracts” (hereinafter – IFRS 17 “Insurance Contracts”). Business entities (insurers) are required to apply this standard for annual periods beginning on or after January 1, 2023.
As a continuation of the series of educational webinars on the application of IFRS 17 “Insurance Contracts” held by the National Bank of Ukraine, the Public Oversight Board for Auditing, on October 12, 2022, the webinar “The first application of IFRS 17 “Insurance Contracts”: review by the auditor during the audit of financial statements of insurance companies was held on October 12, 2022 “.
The purpose of this event was to prepare auditors and subjects of audit activity to apply the requirements of the new standard IFRS 17 “Insurance Contracts” in the process of performing audit tasks of financial statements of insurance companies of Ukraine.
The following issues were discussed at the webinar:
- Audit start – Risk assessment and planning;
- Audit risks regarding the main technical issues;
- Submission and disclosure of information;
- Transition period – Balance at the beginning of the period.
The speaker of the event is Tetyana Fodchuk, director of KPMG audit, ACCA, and head of the insurance department.
The video recording of the webinar can be viewed at the link.
Webinar presentation materials:
The key shortcomings of performing the tasks of auditing the financial statements of insurers.
