IFRS 4, Phase II - Ongoing changes and interaction with IFRS 9. June 9, 2015
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1 IFRS 4, Phase II - Ongoing changes and interaction with IFRS 9 June 9, 2015
2 Agenda Where are we now? Why change? What s new? What s left to do? Transition Interaction with IFRS 9 and other regulatory changes Questions Insurance Contracts June
3 Timeline Where are we now? IASB re-deliberations May 2007 July 2010 June ? 2019? IASB Discussion paper (DP) published Phase II Exposure Draft (ED) IASB revised ED 5 key areas Final standard IASB Effective date of standard 2007 ~ 2010 ~ / Insurance contracts June
4 Timeline Getting closer?? Includes IFRS 9 Includes IFRS 4 Comparatives not required to be restated Comparatives are restated Insurance Contracts June
5 Why change? IASB s view that existing practice does not meet the needs of investors Existing accounting practice is mixed no global standard IASB objectives: Improve information for investors, lenders and other stakeholders Allow more meaningful comparisons Insurance Contracts June
6 Why change? IASB criticisms of existing insurance accounting practice: Cash basis for reporting revenue Deposit components are included in revenue Opaque change in liability FS line Discount rate does not reflect the liability characteristics Plus many others relevant to other jurisdictions Insurance Contracts June
7 What s new? Key features of new accounting requirements Single measurement approach Fulfilment value Consistent with market observable information - where available Uses up-to-date assumptions for expected cash flows, risk and discount rates Changes in estimates for future periods recognized in the period in which service is provided rather than the current period Revenue and expenses more aligned with other industries Choice of P&L or OCI for changes relating to discount rates Insurance Contracts June
8 What s new? Key concerns from Canadian insurers Already have a model that works Volatility from separating asset and liability discount rates Volatility from using market observable discount rates Added complexity for preparers New performance measures for users to understand Doubts over comparability Insurance Contracts June
9 What s new? Summary of new measurement model Contractual service margin Unearned profit in the contract Risk adjustment Replaces existing PFAD / margins Probability weighted discounted expected present value of cash flows Best estimate liability Discounted using liability discount rates Insurance contracts June
10 What s new? Summary of new measurement model Changes related to future services Contractual service margin Risk adjustment Probability weighted discounted expected present value of cash flows Release of contractual service margin Update for current estimates Interest on insurance liability at locked in rate Update current market rates Income statement OCI Changes related to past and current services Insurance contracts June
11 What s new? New revenue number based on performing service Contractual service margin Revenue recognized over coverage period Risk adjustment Revenue recognized as released from risk Probability weighted discounted expected present value of cash flows Revenue recognized based on timing of expected claims and expenses + amortization of acquisition costs on same basis Deposit components excluded from revenue Insurance contracts June
12 Illustrative example long duration contracts Revenue profile Building block components Insurance contracts June
13 Illustrative example long duration contracts Liability profile after mortality assumption improvement in year 2 No significant change to overall liability profile DCF s building block is smaller CSM building block is larger Additional profits are deferred in the CSM and earned over the remaining coverage period Insurance contracts June
14 Illustrative example long duration contracts Liability profile after mortality assumption improvement in year 2 Current practice: Change in assumptions recognized immediately Increase in net income in year 2 Decrease in liability in year 2 Insurance contracts June
15 What s new? Simplified approach for short duration contracts Similar to unearned premium approach used today Premium Allocation Approach (PAA) Simplified approach for future claims Liability for remaining coverage on initial recognition Incurred claims use building block measurement Revenue allocated to P&L as service is performed Choice of P&L or OCI for changes relating to discount rates Liability for remaining coverage + + Risk adjustment Probability weighted discounted expected present value of cash flows Insurance contracts June
16 Illustrative example short duration contracts Effects of a change in discount rates Portfolio of liability coverage contracts, claims settle over 5 year period and discount rate decrease occurs in Year 3 Insurance Contracts June
17 What s left to do? After 18 years in development is this standard really coming? Insurance Contracts June
18 What s left to do? IASB re-deliberations Substantially complete except for participating contracts Participating contracts Final area being re-deliberated 3 critical issues remaining for participating policies Accounting for an entity s share of the participating policy Allocation of contractual service margin to income Calculating interest expense Consider any impacts on general model for decisions reached on participating contracts Insurance Contracts June
19 Transition Full retrospective application Simplified approach If retrospective adoption is impracticable Calibrate to fair value If simplified approach is impracticable Insurance Contracts June
20 Transition Practical considerations Availability of data Determining discount rates Modeling to determine transition impacts Contractual service margin Discount rates Insurance Contracts June
21 Interaction with IFRS 9 Concern over effort / cost of adopting separately Will not delay IFRS 9 Revisit FVO designations IASB considering further transition relief Insurance Contracts June
22 Interaction with IFRS 9 Recap of IFRS 9 classifications Debt Instruments Derivatives Equity Instr. Business model hold? no Business model hold & sell? no yes trading? yes yes no Solely Payment of Principle and Interest (SPPI-criteria)? no no FVOCI-Option? yes yes yes Fair Value Option? yes no no Amortised Cost FVOCI (with recycling) FVPL FVOCI (no recycling) New class Insurance Contracts June
23 Interaction with IFRS 9 Consider interaction of IFRS 4 and 9 Avoiding mismatches Business model Policy choices FVO = Interest sensitive in OCI Not interest sensitive IFRS 9 IFRS 4 FVOCI debts Amortised cost Insurance Liabilities = Interest sensitive in OCI or PL Not interest sensitive = Interest sensitive in P&L FVOCI equity FVPL OCI Equity Insurance Contracts June
24 Interaction with IFRS 9 Practical considerations Granularity of portfolio level for assets and liabilities Will business model for managing assets change with the adoption of IFRS 4? Systems / resources planned for transition Insurance Contracts June
25 Interaction with other regulatory changes Existing regulations may limit policy choices for eliminating an accounting mismatch e.g. OSFI D-10 Total Asset Requirement Approach OSFI QIS 6 ORSA allocate risk and return at a more granular level Systems impacts for financial, actuarial, risk projects Income tax implications basis for determining taxable income Insurance Contracts June
26 Next steps Prior to the final standard being issued Monitor ongoing developments Education for preparers and stakeholders Impact assessment Modelling of core products Gap analysis data and systems requirements Assess interaction with IFRS 9 adoption impacts Assess synergies with finance, risk and regulatory projects Lay groundwork for detailed project plan once final standard is issued Insurance contracts June
27 Insurance contracts June
28 Questions? Insurance contracts June
29 Thank you Leigh Chalmers Partner, Assurance + 1 (416) leigh.chalmers@ca.pwc.com Owen Thomas Senior Manager, Assurance + 1 (416) o.thomas@ca.pwc.com This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisers PricewaterhouseCoopers LLP, an Ontario limited liability partnership. All rights reserved. refers to the Canadian firm, and may sometimes refer to the network. Each member firm is a separate legal entity. Please see for further details.
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