New Accounting Standards - Impact and Implementation for Insurers
Implementation of the new accounting standards (CECL, IFRS 9, IFRS 17, LDTI) poses a significant challenge for Insurers. The standards are quite different but they all have broad financial, organizational and operational impact. Collectively and Individually, the standards drive need for additional data, workflow, scenarios, calculations, disclosures, and reporting. Solution design choices become critical as Insurer’s look to build systems that provide the flexibility to quickly test impact of the standards on financials and better understand the drivers of change.
This webinar focuses on what insurers can expect when implementing the CECL, IFRS 9, IFRS 17, and LDTI accounting standards. The presenters will touch upon several topics:
The new standards and their possible implications
The business-related impacts on insurers
Implementation challenges, including:
- Data issues, including availability, granularity, and allocation/aggregation
- Methodology options for assets (CECL, IFRS 9) and liabilities (IFRS 17, LDTI)
- Attributing changes and identifying where they occur from period to period
- Reporting and disclosure requirements
Workflow and Automation aspects
Moody’s Analytics point of view on potential solutions
Speakers:
- Laurent Birade Solutions Specialist
- Srini Iyer Solutions Specialist
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CECL Benchmark Q1 2022
A framework to understand the extent of your allowance (updated for Q1 2022)
CECL Benchmark Q4 2021
A framework to understand the extent of your allowance (updated for Q4 2021)
CECL Benchmark Q2 2021
In this paper, we continue the research analysis that has been performed for more than a year, which lets us establish a point of view on whether banks will keep building, maintain, or start releasing allowances into the next quarter.
CECL Benchmark Q1 2021
In this paper, we continue the research analysis that has been performed for more than a year, which lets us establish a point of view on whether banks will keep building, maintain, or start releasing allowances into the next quarter.
CECL Benchmark Q4 2020
In this paper, we provide an update, based on 14 top financial institutions, of our triangulation benchmark as of December 31, 2020 to understand the range of reserve action to be expected for Q4 2020 as well as benchmarking for Q1 2021 reserve levels.
ILM vs. CECL: What's the Difference? (December 2020 Update)
This paper compares results from CECL adopters that follow the CECL framework, non-adopter banks that follow the Incurred Loss Model (ILM) framework, and highlights the differences using weighted averages.
ILM vs. CECL: What's the Difference? (December 2020 Update)
As US financial institutions have filed allowance estimates for Q3 2020, Moody’s Analytics analyzed whether Current Expected Credit Loss (CECL) leads to larger and more volatile levels of allowance than under the Incurred Loss Model (ILM).
CECL Benchmark Q4 2020
In this paper, we provide an update, based on 14 top financial institutions, of our triangulation benchmark as of December 31, 2020 to understand the range of reserve action to be expected for Q4 2020 as well as benchmarking for Q1 2021 reserve levels.
