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
- Laurent Birade Solutions Specialist
- Srini Iyer Solutions Specialist
Recent CECL impact disclosures point directly to credit cards as the largest driver of the allowance. We can confirm those recent disclosures by looking at the consumer default volumes chart in Figure 1,which clearly point to the credit card segment as being one of the largest contributors of loss today.
Join our Moody's Analytics experts as they focus on the implementation challenges of the new accounting standards – CECL, IFRS 9, IFRS 17 and LDTI.
September 12, 2019 WebPage Laurent Birade, Srinivasan Iyer
While many institutions are currently in the throes of implementing the current expected credit loss (CECL) accounting standard, some are thinking ahead and some that are not. CECL will have an unavoidable impact on management disclosures, specifically around explaining period-over-period changes in allowance.
March 2019 WebPage Laurent Birade
Many institutions are struggling to apply the CECL standard as it pertains to credit cards, and in particular determining the lifetime value for credit card portfolios. In this paper, we explore the different approaches to evaluating lifetime estimates for the credit card portfolio.
September 2018 WebPage Laurent Birade