Webinar Sensitises Uganda’s Insurance Sector on IFRS 17

As part of ongoing technical assistance to develop guidelines for the implementation of International Financial Reporting Standard 17 (IFRS 17) Insurance Contracts, MEFMI hosted a sensitisation webinar for Uganda’s Insurance Sector.  This follows issuance of IFRS 17 Insurance Contracts in May 2017, by the International Accounting Standards Board (IASB) to replace IFRS 4 Insurance Contracts effective January 2023.

The new financial reporting standard represents a significant change to insurance accounting requirements and sets out the methodology on how companies should value insurance and reinsurance contracts. The standard is significant in the determination of an insurer’s financial position and is expected to improve the usefulness, transparency and cross-jurisdictional comparability of insurers’ financial reports.

The main objective of the webinar was to raise awareness among staff of the Insurance Regulatory Authority of Uganda (IRA) and its supervised entities on the implementation of IFRS 17 and highlight the direction that the country will take in implementing the standard.

The webinar highlighted issues that the insurance industry in Uganda needs to take into consideration and prepare for as it embarks on IFRS 17 implementation. Participants received information on the likely impact of IFRS 17 and the differences it will bring to financial reporting for insurance companies. The webinar set the tone for stakeholder consultations and surveys that will be undertaken by MEFMI consultants as they develop guidelines for IFRS 17 implementation in Uganda. It is expected that participants will use the knowledge acquired to support the work being done by the IRA and MEFMI so that the standard can be adopted in Uganda with minimal challenges.

The webinar targeted senior-level officials dealing with supervision and compliance at the IRA as well as senior officials responsible for financial reporting and compliance at the respective insurance companies in Uganda. A total of 127 participants attended the webinar. Mr. Christopher Musoke, a financial reporting expert and Mr Tawanda Chituku, an actuarial consultant facilitated at the webinar.

Prepared by Noel Mahombera

Reviewed by Tiviniton Makuve, Cacius Chuma, Sayed Timuno and Gladys Jadagu