IFRS in Insurance & Pensions Founded in 1973 as International Accounting Standards Committee, and later transformed as International Accounting Standards Board (IASB), its core objective is to issue principles based standards that apply across the globe. All major economies have established time lines to converge with or adopt IFRSs in the near future. The Institute of Chartered Accountants of India (ICAI) has issued several accounting standards in line with the standards issued by IASB, and the implementation of these is effective from the financial year 2011-12 for certain companies listed on the stock exchanges. Insurance Companies, that are subsidiaries of these listed companies, too will have to convert their financial statements for complying with these accounting standards. The International Actuarial Association (IAA) has issued 12 actuarial standard practices to provide guidance to actuaries. In 2010, the IASB issued Exposure Draft on Insurance Contracts. Once finalized, this standard will completely change the way financial statements of insurance companies will look. There are a number of areas in the financial statements assets, liabilities, revenue recognition, disclosures that get seriously impacted by the new reporting standards. This in turn will impact the way investors, analysts, managements and other stakeholders view their businesses. In these exciting times, the Institute of Actuaries of India (IAI) is proud to announce a one-day seminar titled IFRS in Insurance and Pensions to be held on 17 October 2011 at Mumbai. The speakers include a member of IASB from London, two members of the ICAI Central Council, two CFOs of insurance companies and experts from consulting firms. The seminar is open to members from the accountancy profession, members from the actuarial professions and other financial professionals associated with interests in insurance and pensions. The Institute of Chartered Accountants of India (ICAI) has announced a CPE credit of 4 hours under Unstructured Learning for all its members. The Seminar on IFRS in Insurance Pensions is on 17 th October 2011 at Hotel Grand Hyatt, Santacruz, Mumbai.
Program Session No. Monday, 17th October 2011 Time Sessions Speaker 0830-0900 Registration 0900-0905 Introduction K. S. Gopalakrishnan 0905-0920 Inaugural Address Liyaquat Khan, President IAI S1 0920-0940 Keynote Address R. K. Nair, Member (F&I), IRDA * S2 0940-1010 Overview of IFRS Nilesh Vikamsey, Member - ICAI Central Council S3 1010-1125 IFRS 4 (Ind AS 104) implementation Key Aspects and Challenges Mayank Bathwal, CFO - Birla Sun Life Ins. Co. Ltd. Miranjit Mukherjee, CFO - Tata AIG General Ins. Co. Ltd 1125-1140 Tea Break S4 1140-1315 ED on Insurance - Key concepts & Next Steps Kalavacherla Prabhakar, Member IASB 1315-1400 Lunch S5 1400-1500 ED on Insurance - Implementation Aspects Gautam Kakar, PWC S6 1500-1600 IFRS 9 and IAS 18 An overview Rajesh Dalmia, E&Y 1600-1615 Tea Break S7 1615-1715 IAS19 / Ind AS19 1715-1725 Closing Remarks Jose John * awaiting confirmation Anuradha Sriram, Towers Watson Rajkumar Adukia, Member - ICAI Council Note: Participation Fees: Rs. 5000. For payment details, check Registration Form. Dress Code: Business Casual CPD Credit for IAI Members: 4 hrs Last date for Registration: 30 th September, 2011 Point of Contact for any query: Aparajita Mitra (aparajita@actuariesindia.org)
Speaker Profiles K. Prabhakar Member, Insurance Accounting Standards Board (IASB) Mr. Prabhakar or PK has served as a member of the International Accounting Standards Board (IASB) since January 2009. The accounting standards (International Financial Reporting Standards or IFRSs) issued by the IASB are now required or permitted for use by approximately 120 countries, including all the countries of the European Union, Australia, Canada and Japan. Apart from his role in the standardsetting process, PK represents the IASB in meetings with various groups such as governments, standard-setters, industry and the media in several Asian countries, including India. Before joining IASB, he was an audit partner at KPMG LLP in the San Francisco office. In addition to working in the US, he has worked extensively in India, where he led KPMG s US GAAP practice, and in Europe. At KPMG LLP he served as both reviewing partner for clients preparing financial statements for filings with the U.S. Securities and Exchange Commission and more recently according to International Financial Reporting Standards. PK has specialised in the technology and biotechnology fields. He holds a masters degree in accountancy with distinction from California State University-Chico and is a member of both the Institute of Chartered Accountants of India and the American Institute of Certified Public Accountants. He is also on the board of a not-for-profit organisation, Food for Life, which serves over 800,000 children each day Rajkumar Adukia Member, Central Council, Institute of Chartered Accountants of India (ICAI) Mr. Adukia is an eminent professional, writer, and speaker. An authority on IFRS, Mr. Adukia has handled various assignments across the globe covering countries like USA, Canada, Saudi Arabia and UAE. He has addressed more than 300 lectures on IFRS. A senior partner of Adukia & Associates, he has advised more than 25 large organizations to convert their financial statements as per IFRS. He is the Chairman of the Internal Audit Standard Board of ICAI. He has served on the Board of Directors in the capacity of independent director at BOI Asset management Co. ltd., Bharat Sanchar Nigam Limited and SBI Mutual Funds Management Pvt. Ltd. He is also a member of the London Fraud Investigation Team. He currently specializes in Carbon Credit, Enterprise Risk Management, internal audit, business advisory and planning, commercial law compliance, project work, taxation and trusts. In addition to being a Chartered Accountant, Company Secretary and a Cost Accountant, Mr. Adukia holds a degree in law, and also a Masters in Business Administration carving himself a niche in academics.
Nilesh Vikamsey Member, Central Council, Institute of Chartered Accountants of India (ICAI) Mr. Vikamsey is a Senior Partner at Khimji Kunverji & Co. Chartered Accountants in Mumbai. He is an elected member of the Central Council, the Apex decision making body of the Institute of Chartered Accountants of India (ICAI), the second largest accounting body in the world for 2010 2013 Besides being member of the council, he is also the Chairman of the Research Committee in and Vice Chairman of the Corporate Laws & Corporate Governance Committee of ICAI. He is a member of a number of committees within the ICAI, including the IFRS Implementation Committee, Accounting Standards Board and Auditing & Assurance Standards Board. He is a representative of ICAI on the Committee for Improvement in Transparency, Accountability and Governance (ITAG) of South Asian Federation of Accountants (SAFA). His academic profile includes a Diploma in Information System Audit (DISA) of the ICAI in 2003 and a Business Consultancy Studies Course of Bombay Chartered Accountants Society jointly with JBIMS in 2000-01. Mayank Bathwal Chief Financial Officer, Birla Sun life Insurance Mr. Bathwal is the CFO & Head of Institutional Sales for Birla Sun Life Insurance. Mayank joined The Aditya Birla Group in early 1994 with over 17 years of industry experience with him. Since then, he has worked closely in various units and projects of the group including fertilizer and copper smelting units, financial services business and power projects. He joined Birla Sun Life Insurance in December 1999 as part of the Project team to set up the Life Insurance venture and was looking after the Business Strategy and Planning function prior to taking charge of other Finance operations of the company. Mayank then moved to take charge as the Chief Financial Officer of Sun Life, Indonesia in June 2006. He moved back to India in June 2007 after his successful stint in Indonesia for a year with the objective of supporting BSLI in its transformational phase. During the last financial year he has also taken charge of the Institutional Sales teams which includes Bancassurance, Corporate Agency & Broking channels of BSLI. He is a Fellow member of The Institute of Chartered Accountants of India and the Institute of Cost & Works Accountants of India and an Associate Member of the Institute of Company Secretaries of India. Miranjit Mukherjee Chief Financial Officer, Tata AIG General Insurance Mr. Mukherjee joined Tata AIG General Insurance Company in Feb 2009. Miranjit brings with him 20 years of rich work experience in finance and fiscal management with, HDFC Bank, Centurion Bank of Punjab Ltd.(CBOP ), Sompo Japan Insurance Inc; HDFC Chubb GIC Ltd., GE Countrywide Consumer Serv., GE Capital Services India, SRF Finance Ltd. and Infar India Limited. He was the CFO of CBOP and HDFC Chubb General Insurance Co Ltd. He is responsible for providing leadership in overseeing all financial and fiscal management of TATA AIG operations in alignment with the overall business goals, value and vision of the organization. The Finance function monitors productivity across the organization, across multi dimensional segments, market and customer data, thus providing insight into the essential value drivers of the business. He loves singing & is a voracious reader.
Anuradha Sriram Benefits Director, Towers Watson India Ms. Sriram is the Head of Towers Watson India s Employee Benefits practice. She is responsible for the Towers Watson India team to deliver value added actuarial and employee benefits consulting to both domestic and multi-national companies. She joined Towers Watson in India in November 2006. Prior to her appointment, Anuradha was working with the Life Insurance Corporation of India. She has 14 years of experience in the Indian Insurance and pensions business. Since joining Towers Watson, Anuradha has been involved in the full range of consulting projects undertaken by the practice. These cover Actuarial valuations for financial reporting, merger and acquisition, general consulting and Employee Benefit design for Corporates. She is a regular speaker at client and industry events of financial and actuarial issues. She is a Fellow member and a Pension board member of the Institute of Actuaries of India. Gautam Kakar Principal Consultant, PwC London Mr. Kakar is a Principal Consultant and qualified actuary working for the Actuarial & Insurance Management Solutions (AIMS) practice of PwC in London. Gautam also holds a degree in MBA and Electronics Engineering from Panjab University. He specialises in business management, strategy development and execution, actuarial financial reporting, insurance product development and financial modelling having worked as Business Leader and experienced in life, non-life, benefits and wider financial modelling Rajesh Dalmia Head Actuarial Practice, Ernst & Young India Dr Rajesh Dalmia is currently heading the actuarial practice at Ernst & Young India. He has been closely associated with IFRS training, diagnostic studies and implementation with various insurance companies since joining E&Y two years ago from Towers Watson. He has guided companies in recasting their financials to IFRS from Indian GAAP. He has more than fifteen years of experience in dealing with various actuarial issues. Being trained in finance from IIM-Bangalore, he combines the actuarial along with financial knowledge to bring richer insights.