A total of 220 people attended this year’s accounting seminar organised by PIU in cooperation with KPMG. They included representatives of the Ministry of Finance, the Office of the Polish Financial Supervision Authority and academic institutes.
The seminar entitled ‘The impact of regulatory changes on the accounting and reporting of insurance companies’ addressed accounting, financial and actuarial issues, including presentation of the balance sheet and P&L account, in accordance with IFRS 4 and IFRS 17. With respect to IFRS 17, KPMG’s previous experience with implementation projects was also presented.
Other issues discussed concerned: methods for establishing provisions for compensation, liquidation charges, cancellation rate analyses, procedures for market activity research, look-through, reconciliation of insurance and reinsurance settlements, reconciliation of current and deferred tax, the potential of deferred taxes to cover losses (LAC DT), exemption of mediation services from VAT and electronic financial documents and electronic signatures (electronic financial statements sent to the National Court Register).