Orientation on International Financial Reporting Standard17 (IFRS17)

Orientation on IFRS17

In October 2017, the Insurance Commission created the IFRS17 Sub-Working Group (SWG-IFRS17) for each sector (Life, Non-Life, MBA, Pre-Need, and HMOs) signed by the Deputy Commissioner Ferdinand George Florendo with the following objectives:


            1  To determine the specific issues and concerns and propose guidelines to the  IFRS17 Technical Working Group (TWG-IFRS17),


            2  To provide the industry with the approved guidelines by the TWG-IFRS17  which shall be followed in the undertaking of the self-assessment on the impact of the adoption of IFRS17 in the Philippines.


The SWG-IFRS17 members appointed by the Insurance Commission for the Non-Life sector are composed of representatives from the Insurance Commission, PIRA Finance/IT/Underwriting Committees, Actuarial Society of the Philippines (ASP) and Auditing Firms - SGV & Co., Deloitte Phils., Isla Lipana & Co., RS Bernaldo & Associates, Reyes Tacandong & Co., and Punong Bayan & Araullo (P & A).    




RS17 Orientation/Training for the PIRA members to be conducted by the consultants/auditing firms last May 15 and 17, 2018. For an effective and manageable conduct of the sessions, PIRA formed three (3) groups and assigned companies for attendance on specific date/time as follows:

Speaker :  Deloitte, Phils. (Group 1)

Date: May 15, 2018 (Tuesday)

Time: 1:30 pm to 5:00 pm

Venue: Navarro Amper & Co.

Room MDAC 1 and 2, 19th  

Floor Net Lima Plaza

5th Ave. corner 26th St.

Bonifacio Global City

1634 Taguig

Speaker :  Isla Lipana & Co. (Group 2)

Date   :  May 17, 2018 (Thursday)

Time   :  8:00 a.m. to 11:30 Noon

Venue:  Yuchengco Tower,  

              RCBC Plaza, 6819


Speaker :  SGV & Co. (Group3)

Date   :  May 17, 2018 (Thursday)

Time   :  1:30 p.m. to 5:00 p.m.

Venue:  Training Room 4, 3F,

              STI Holdings Center,

              6764 Ayala Avenue, 

              Makati City



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