Regulatory Alerts2020-02-07 | 29637Added · Updated
IFRS 17 Preparedness Questionnaire
The document is a questionnaire designed for institutions to report on their readiness for IFRS 17 implementation. It requires respondents to provide status updates on specific operational milestones, including the development of implementation plans, the completion of IFRS 9, and the appointment of dedicated committees. Institutions must also disclose details regarding external consultants, data system changes, staff training, and the determination of accounting policies such as discount rates and risk adjustments.
IFRS 17 PREPAREDNESS QUESTIONNAIRE COMPANY NAME: REPORTING DATE: INSTITUTION REGISTRATION STATUS: PARENT SUBSIDIARY BRANCH STATUS Not Applicable Original Time for Completion Completed In Progress/ On Time In Progress/ Delayed Not yet Started Comments
- Has the institution developed an IFRS 17 implementation plan?
- Has the institution implemented IFRS 9?
- Has the institution appointed a dedicated IFRS 17 implementation committee? Please provide the name and title of the Senior Management member in charge of the committee.
- Has the institution engaged or intend to engage the services of an outside consultant?
- Has the institution performed a qualitative assessment of IFRS 4/IFRS 17 differences?
STATUS Not Applicable Original Time for Completion Completed In Progress/ On Time In Progress/ Delayed Not yet Started Comments 6. Has the institution performed a quantitative assessment or proforma financial statements for IFRS 17? 7. Have changes to data source systems been examined? 8. Has the institution sourced or is seeking a vendor for solution design? 9. Has the institution designed and delivered training to staff? 10.On a best effort basis, has the institution reviewed and determined the impact of IFRS 17 on the regulatory capital ratio?
STATUS Not Applicable Original Time for Completion Completed In Progress/ On Time In Progress/ Delayed Not yet Started Comments 11.Has the institution determined its accounting policies with respect to IFRS 17 including options and actuarial methods associated with: a) Level of Aggregation b) Estimate of Future Cashflows c) Discount Rates d) Risk Adjustment e) Contractual Service Margin f) Embedded Guarantees g) Accounting for Financial Guarantee Contracts h) Deferred Acquisition Costs i) Premium Allocation Approach Measurement j) Contracts with Direct Participation Features k) Transition