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Our team of professionals have been monitoring the impact of the new accounting standard, Australian Accounting Standards Board 17 (AASB 17) Insurance Contracts and in particular how insurers will need to report to APRA. The implementation of AASB 17 has, and will continue to, lead to significant change for the industry. A number of other changes affecting the Insurance industry have also been recently announced by APRA including Financial Accountability Regime (FAR) tying individual accountable persons to specific actions by your entity.
On the 27th of September 2022, APRA finalised changes to the capital and reporting frameworks for insurance in response to the introduction of the new accounting standard (AASB 17). The changes aim to minimise any regulatory burden caused by a misalignment between APRA’s frameworks and AASB 17, while ensuring sound prudential outcomes. APRA expects insurers to be well progressed in their readiness for the implementation of AASB 17, including identifying and managing the risks associated with the transition process. Other changes affecting Prudential Reports, and governance and control obligations will also be discussed.
In this webinar, we reviewed the changes and how will they affect you.
Agenda of the webinar on 15th of November 2022:
Summary of the regulatory environment
How the IFRS17 changes are set to impact APRA reporting capital
Other Regulatory and governance changes impacting source data, data compilation and submission details
APRA Connect (what industry has learned so far)
Observations of Timeline of actions and where organisations should be positioned at this point
A recording of the webinar is available on demand and will be of particular interest to stakeholders who are involved with:
Hold accountability over data disclosure to APRA
Prepare or support the preparation of regulatory disclosures
Provide data preparation services or administer data submissions on behalf of your clients
Watch the recording here
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