The International Accounting Standards Board (IASB) has announced the 18 members of its transition resource group to support the implementation of IFRS17 Insurance Contracts, with five out of the 18 members based in the UK
The transition resource group is set up to provide a public forum for any stakeholder to share implementation questions with the IASB.
The group consists of experts whom are directly involved in the implementation of IFRS 17. Nine members are preparers of financial statements and six members are audit practitioners. An additional three members with observer status represent international security regulators, insurance supervisors and actuarial organisations.
The first meeting, which will be on the administration of the group's operation, will take place on 13 November 2017.
The following members: Jo Clube, Gail Tucker, Kevin Griffith, Vasilka Bangeova and Kallol Sen are all based in the UK.
The full members list is as follows:
Member | Organisation | Job title |
|---|---|---|
Vasilka L Bangeova | Grant Thornton UK LLP | Director, head of insurance technical |
Laurent Cholvy | AXA | Group head of accounting norms and actuarial reporting |
Jo Clube | Aviva plc | Technical accounting director |
Anne Driver | QBE Insurance Group
| Group head of finance policy and assurance |
Sai-Cheong Foong | AIA Group Limited | Group chief actuary |
Jens Freiberg | BDO AG Wirtschaftsprüfungsgesellschaft | Partner, head of accounting advisory group |
Kevin Griffith | EY | Global IFRS insurance leader |
Francesco Nagari | Deloitte | Global IFRS insurance leader |
Jeong Hyeok Park | Samsung Life Insurance | General manager |
Roman Sauer | Allianz SE | Head of group accounting and reporting |
Lesley Thomson | Sun Life Financial | Vice president and deputy chief actuary |
Massimo Tosoni | Assicurazioni Generali SpA | Head of group accounting policy and reporting |
Mary Helen Trussell | KPMG | Partner and global leader, insurance change |
Gail Tucker | PricewaterhouseCoopers | Lead global accounting technical partner responsible for insurance |
Ying (Sally) Wang | China Pacific Life Insurance Co Ltd | Deputy general manager and chief financial officer |
Observer | Organisation |
William C. Hines | International Actuarial Association |
Thorsten Melcher | International Organization of Securities Commissions |
Kallol Sen | International Association of Insurance Supervisors |
IFRS 17 was announced in May 2017 and represents a fundamental change to existing practice for most companies issuing insurance contracts.
When the IASB issued IFRS 17 it said it was ‘the first truly international IFRS standard for insurance contracts [to] help investors and others better understand insurers’ risk exposure, profitability and financial position’.
The effective date for implementation of the new insurance standard is 2021.
