29-30 September 2015, Ministry of Finance, Vienna

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3 29-30 September 2015, Ministry of Finance, Vienna For the third consecutive year, the World Bank Centre for Financial Reporting Reform (CFRR) and the IFRS Foundation will hold a two-day workshop in Vienna on the use of International Financial Reporting Standards (IFRS) by financial regulators. Given the reach of IFRS, it is essential that supervisors can confidently engage with IFRS-based financial information and understand its role in monitoring and supervision. The workshop will include briefings on existing and forthcoming IFRS requirements and discussions. Interactive case studies and quiz sessions will enhance participants understanding of the judgments made when applying those requirements. A panel discussion will explore the likely impact of the new revenue (IFRS 15) and financial instruments (IFRS 9) standards on the financial industry as well as the preparation needed for their successful implementation. Participants will: (i) be updated on the latest changes to IFRS and other projects discussed by the International Accounting Standards Board (IASB), including IFRSs 9, 13 and 15 and the project to replace IFRS 4 with a comprehensive standard for accounting and reporting insurance contracts; (ii) be exposed to a range of cross-cutting issues, judgments and estimates in applying IFRS with a particular focus on measurement and the root causes of some financial reporting anomalies; and (iii) gain a better understanding of differences between financial reporting and prudential regulation. This workshop will take place on September 29-30, 2015 at the Ministry of Finance in Vienna. It is designed for senior staff and leadership of regulatory agencies responsible for supervising banks and insurance companies and those in charge of drafting accounting and prudential regulations. s and panellists will include IASB members and senior staff; World Bank senior staff; and leading banking and insurance experts and regulators. 1

4 Tuesday, 29 September Day 1 08:30 Registration & Welcome Coffee 09:00 Opening Remarks Harald Waiglein Director-General, Economic Policy and Financial Markets, Federal Ministry of Finance of the Republic of Austria Henri Fortin Head, Centre for Financial Reporting Reform, World Bank Global Lead for Corporate Governance and Financial Reporting, Governance IFRS 15 and IFRS 9 for financial institutions 09:15 Discussion: How to prepare for the implementation of IFRS 9 and IFRS 15 in the financial industry? s Moderator David Grünberger Head, Accounting & Regulatory Monitoring, Austrian Financial Market Authority (FMA) Rémi Boutant Bank Expert in the Oversight Department, the European Banking Authority (EBA) Katia D Hulster Co-ordinator and Lead Financial Sector Specialist, Financial Sector Advisory Centre, World Bank Board Member, International Accounting Standard Board (IASB) Pascal Frèrejacque Senior Operations Officer, Centre for Financial Reporting Reform, World Bank Discuss the implications of IFRS 9 and IFRS 15 for the banking and insurance industry, including compliance with the respective regulatory reporting requirements. 10:30 Implications of IFRS 15 Revenue from Contracts with Customers for financial institutions; case studies Board Member, IASB 2

5 Describe the scope of the new IFRS 15, the drivers of this accounting change and the impact of this standard on revenue profile and, in some cases, cost recognition of financial institutions. 11:30 Coffee Break 12:00 Impairment under IFRS 9 Financial Instruments; quiz Board Member, IASB Describe the main principles in the new requirements to replace IAS 39, the impairment testing models and their associated judgments and estimates in testing financial assets for impairment under IFRS 9. 13:30 Lunch Measurement of financial & non-financial assets 14:30 Measuring the fair value of financial assets and non-financial assets in accordance with IFRS 13; case studies s Board Member, IASB Michael Wells Director, IFRS Education Understand the fair value measurement objective and application of IFRS 13 in measuring the fair value of financial and non-financial assets. 16:00 Coffee Break Impairment of non-financial assets 16:30 Impairment of non-financial assets in accordance with IFRS; case studies Michael Wells Director, IFRS Education 3

6 Understand the main principles in testing for impairment in accordance with IAS 2 and IAS 36 and the main judgments and estimates in testing non-financial assets for impairment. 18:00 End of day 1 Wednesday, 30 September Day 2 Detecting financial reporting anomalies 09:00 Root causes of some financial reporting anomalies Michael Wells Director, IFRS Education Gain insights on how to detect and prevent financial reporting anomalies and improve data quality. Accounting for changes under IFRS 10:00 Accounting for changes in policies, estimates and classifications and correcting errors in accordance with IFRS; case studies Michael Wells Director, IFRS Education Describe the common motivations for accounting policy choice and change and the different types of accounting changes and how to record them in the financial statements. 10:30 Coffee Break Additional IFRS 9 topics 11:00 Other IFRS 9 implementation issues; quiz Board Member, IASB Explore the different implementation issues related to the application of IFRS 9 (data requirement, models to be developed, leveraging existing practices, etc.) 4

7 12:15 Post issuance IFRS 9 developments timing and scope; quiz Board Member, IASB Provide information on potential areas for developments of IFRS 9 and expected timing for their implementation. 13:00 Lunch Insurance specific topics 14:00 Insurance contracts project under IFRS 4 Board Member, IASB Enhance understanding of the principles underpinning the insurance contracts project, and judgments and estimates that would be necessary in applying these new principles. 15:15 Views on Solvency II by a Group Chief Financial Officer & member of the Insurance and Reinsurance Stakeholder Group at EIOPA Martin Simhandl Group Chief Financial Officer, Vienna Insurance Group and member of the European Insurance and Occupational Pensions Authority (EIOPA) Insurance and Reinsurance Stakeholder Group Update participants on Solvency II. Closing of the workshop 16:00 Closing of the workshop and distribution of certificates s Pascal Frèrejacque Senior Operations Officer, CFRR, World Bank Board Member, IASB 16:30 End of day 2 Coffee Break 5

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Harald Waiglein Director-General, Economic Policy and Financial Markets, Federal Ministry of Finance of the Republic of Austria Harald Waiglein is Director General at the Austrian Ministry of Finance.

Thereafter, for many years he worked as an editor at the Austrian Broadcasting Corporation, where he specialized in taxation, public budget, financial markets and energy.

9 Harald Waiglein Director-General, Economic Policy and Financial Markets, Federal Ministry of Finance of the Republic of Austria Harald Waiglein is Director General at the Austrian Ministry of Finance. After his graduation from university Mr. Waiglein acted as a professional interpreter in the fields of law and economics for international organizations and enterprises. Thereafter, for many years he worked as an editor at the Austrian Broadcasting Corporation, where he specialized in taxation, public budget, financial markets and energy. After holding the position of deputy chief editor and head of the economic department at the Austrian newspaper Wiener Zeitung for two years, Mr. Waiglein relocated to the Ministry of Finance in There he was promoted to Director General of the DG Economic Policy and Financial Markets in July In this position, Mr. Waiglein represents Austria as director in the European Stability Mechanism (ESM) and the European Financial Stability Facility (EFSF), and as a member of the Economic and Financial Committee of the EU (EFC). Henri Fortin Head, Centre for Financial Reporting Reform, World Bank Global Lead for Corporate Governance and Financial Reporting, Governance Henri Fortin is Global Lead for Corporate Governance and Financial Reporting, within the World Bank Governance Global Practice. He is Head of the World Bank s Centre for Financial Reporting Reform (CFRR) and team leader for Accountancy Development for Results. He has vast experience of state-owned enterprises (SOE) governance and was a key contributor to the World Bank s toolkit on SOE corporate governance (2014). He represents the World Bank Group on the International Accounting Standards Board s International Financial Reporting Standards (IFRS) of small and medium-sized enterprises (SMEs) Implementation Group. Mr. Fortin led World Bank corporate financial reporting services for Latin America and the Caribbean between 2003 and He co-authored Accounting for Growth in Latin America and the Caribbean, and led the CReCER initiative from 2007 to He has led Accounting and Auditing Reports on the Observance of Standards and Codes (A&A ROSC) in 20 countries and has participated in many Financial Sector Assessment Program missions and projects related to public financial management. A French national, Mr. Fortin has a Master s degree in Business Administration from HEC Paris. Before joining the World Bank in 2003 he worked for 13 years in a large international audit 7

network, and spent almost two years as deputy commercial attaché of the French Embassy in Brazil.

He had responsibility for both statutory and regulatory financial reporting under the Basel II Accords and served on various Governance, Risk, Operation and Strategic Committees of the Group. Mr.

He was formerly a member of the International Financial Reporting Standards (IFRS) Foundation's Standards Advisory Council, now called the IFRS Advisory Council.

10 network, and spent almost two years as deputy commercial attaché of the French Embassy in Brazil. Board Member, International Accounting Standard Board (IASB) was formerly Chief Financial Officer of the FirstRand Banking Group, one of the largest financial institutions in South Africa. He had responsibility for both statutory and regulatory financial reporting under the Basel II Accords and served on various Governance, Risk, Operation and Strategic Committees of the Group. Mr. Scott was also a member of the IASB's International Financial Reporting Interpretations Committee, a position from which he resigned to become an IASB member. He was formerly a member of the International Financial Reporting Standards (IFRS) Foundation's Standards Advisory Council, now called the IFRS Advisory Council. David Grünberger Director of International Financial Reporting Standards (IFRS) Enforcement, Austrian Financial Market Authority David Grünberger leads the team for accounting and International Financial Reporting Standards (IFRS) enforcement in the Austrian Financial Market Authority (FMA) in Vienna. He focuses on the financial reporting of listed companies and banking regulation. He holds a U.S. Certified Public Accountant (CPA) license, teaches at the Vienna University of Economics and has published many books and papers on current accounting topics. He represents the Austrian FMA in the European Enforcement Coordination Sessions at the European Securities and Markets Authority and the European Accounting Regulatory Committee at the European Commission. Rémi Boutant Bank Expert in the Oversight Department, the European Banking Authority (EBA) Rémi Boutant has worked for the EBA since He coordinates the EBA annual assessment of Pillar 3 reports of institutions and provides expertise on ad-hoc disclosures and transparency issues. He is also involved in the work around the concepts of forbearance and nonperforming exposures at the European and international level, as well as in the development of supervisory reporting for credit institutions and investment firms. 8

Mr. Boutant was previously an accounting analyst in the Accounting Division of the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the French national competent authority for banks and

At the ACPR he provided expertise to on-site and off-site supervision teams regarding financial instruments accounting (French GAAPs and IFRS) and interactions between accounting and prudential

11 Mr. Boutant was previously an accounting analyst in the Accounting Division of the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the French national competent authority for banks and insurance. At the ACPR he provided expertise to on-site and off-site supervision teams regarding financial instruments accounting (French GAAPs and IFRS) and interactions between accounting and prudential standards, and performed assessments of institutions disclosures (financials and Pillar 3) to monitor their compliance with IFRS and regulatory requirements and to identify shortcomings and areas for improvement. Katia D Hulster Coordinator and Lead Financial Sector Specialist, Financial Sector Advisory Centre, World Bank Katia D'Hulster is a Lead Financial Sector Specialist at the World Bank. Her role consists of providing technical assistance in the area of prudential regulation and supervision to supervisory agencies and central banks in the Eastern and Central European region. Before joining the World Bank in 2009, Ms. D'Hulster was a Senior Manager with the Australian Prudential Regulation Authority (APRA) in charge of the prudential supervision of one of the four major conglomerate groups in Australia. During that period, Ms. D'Hulster was seconded to the Bank for International Settlements (BIS) in Basel to develop a risk management strategy and policy for the BIS Board. Before joining APRA, she was a Policy Director at the International Swaps and Derivatives Association in London, where she was responsible for Basel II related policy matters and International Financial Reporting Standards accounting policy issues. During her 10 years with PricewaterhouseCoopers in Belgium and Switzerland, Ms. D'Hulster was a Senior Manager in charge of the financial audit and prudential oversight aspects, as mandated by the banking supervisor, of international banks. Ms. D Hulster graduated from the Free University of Brussels with a Doctorate in Applied Economics, Business Engineering. She passed the professional exams of certified external auditor in Belgium and holds the Global Association of Risk Professionals (GARP) Financial Risk Manager (FRM) and Professional Risk Managers' International Association (PRMIA) risk management qualifications. Pascal Frèrejacque Senior Operations Officer, Centre for Financial Reporting Reform, World Bank Pascal Frèrejacque is a senior expert at the Centre for Financial Reporting Reform (CFRR) in charge of supporting the enhancement of accounting and auditing practices in the European and Central Asia region for the financial sector and coordinating that agenda across the programs managed by the CFRR. Since he joined the World Bank in 2007, he has also led several reports 9

on the Observance of Standards and Codes on Accounting and Auditing and advises governments on the design and implementation of corporate financial reporting reforms.

As a former audit manager for large banking groups and having managed corporate finance assignments at Arthur Andersen and Ernst & Young, Mr.

12 on the Observance of Standards and Codes on Accounting and Auditing and advises governments on the design and implementation of corporate financial reporting reforms. He brought to the Bank 20 years of international experience in accounting and auditing in the banking sector, working at the IMF and international accounting firms. As a former audit manager for large banking groups and having managed corporate finance assignments at Arthur Andersen and Ernst & Young, Mr. Frèrejacque has an in-depth understanding of the financial sector. He started his career working for a private consultancy, conducting valuation and merger and acquisition due diligences for large corporations. Michael Wells Director, International Financial Reporting Standards (IFRS) Education Michael Wells leads the Education Initiative of the IFRS Foundation. He qualified as a South African Chartered Accountant with Ernst & Young before being seconded to work out of the firm's Detroit office. He subsequently joined the academic world, and became the Associate Professor responsible for the financial accounting section of a South African University. He also served as an independent evaluator of professional qualifying examinations. He is a member of a number of international accountancy education advisory groups. Martin Simhandl Group Chief Financial Officer, Vienna Insurance Group Member of the Insurance & Reinsurance Stakeholder Group at European Insurance and Occupational Pensions Authority (EIOPA) Martin Simhandl is the Group Chief Financial Officer of the Vienna Insurance Group (VIG) and a member of EIOPA s Insurance & Reinsurance Stakeholder Group. At the VIG, Dr. Simhandl is responsible for the Group s asset management, treasury, finance, accounting and Solvency II project. He was appointed to the Managing Board of the VIG in Prior to that, he served as a member of the Managing Boards of InterRisk Non-life and InterRisk Life in Germany. He holds a Ph.D. in Law from the University of Vienna. He also completed an insurance executive program at the University of St. Gallen. 10

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