KPMG in Bahrain to Shed Light on the Implication of the New International Financial Reporting Standards on Insurance Companies

KPMG in Bahrain is gearing up to host an awareness seminar and workshop for insurance companies on 9th December 2019 to present the International Financial Reporting Standards (IFRS 17 “Insurance Contracts” and IFRS 9 “Financial Instruments”) that will be effective on insurance companies from 1 January 2022.

The International Accounting Standards Board (IASB) issued IFRS 17 “Insurance Contracts” in May 2017.  IFRS 17 sets out the requirements a company should apply in reporting information related to insurance contracts it issues and reinsurance contracts it holds. IFRS 17 is the first comprehensive and truly international IFRS Standard establishing the accounting for insurance contracts. It provides updated information about the obligations, risks and performance of insurance contracts and it increases transparency in financial information reported by insurance companies.

Jaafar AlQubaiti, Partner and Head of Audit, at KPMG in Bahrain commented on the upcoming event: “it is the dawn of a new era. After nearly 20 years of discussion, exposure drafts and debate, the comprehensive new accounting model in IFRS 17 will give users of financial information a whole new perspective on insurers’ financial statements. The impact on individual insurance companies will be highly variable depending on their previous policies and practice, and the nature of the insurance business they contract, especially whether it is short tailed or life, but it is certain to see many and various impacts”.

He also added: “Insurance companies in Bahrain will need to start working on assessing the financial and operational impact of the new standards and educate their stakeholders to build a clear understanding of the requirements and help them to successfully embed the changes.  We believe our seminar and workshop will be the ideal platforms for decision-makers and professionals in the insurance sector to learn and discuss the new standards implementation challenges.”

Yusuf Hasan, KPMG IFRS 17 Implementation Lead Partner in the MENA region and IFRS Specialist will be a keynote speaker during the event, who will also be joined by representatives from Bahrain Insurance Association and insurance companies in Bahrain.

The awareness seminar and workshop will be held at the Gulf Hotel. For registration or information, please contact KPMG in Bahrain’s events officer Khalid Seyadi by email: kseyadi@kpmg.com or by a call : +973 17 222313.

KPMG in Bahrain is a member firm of KPMG international. It was established in 1968 as the first national accounting and auditing firm in the country and it has since grown to become one of the largest professional services firms in Bahrain. The firm provides Audit, Tax and Advisory services to a wide variety of clients operating in different sectors, utilizing the in-depth technical and industry experience of its professional staff.