Japan Cooperative Insurance Association Incorporated holds business study workshops with the aim of contributing to facilitation of the cooperative insurance business by helping executives and regular employees of the member societies understand the latest domestic and international issues, in which the member societies are highly interested and which are likely to have an impact on their cooperative insurance operations.
The third business study workshop for fiscal 2012 was held as follows,
- Date: Friday, 30th Nov., 2012
- Place: Shinjuku Historical Museum
- Theme: Major Points in Dispute over IFRS Exposure Draft, "Insurantce Contracts" and Latest Developments of the Discussion
* Takanobu Miwa, Partner, Financial Services, KPMG AZSA LLC
* Seiji Nishita, Senior Manager, Financial Services, KPMG AZSA LLC
The Exposure Draft, which will revise substantially IFRS(International Financial Reporting Standards) 4, "Insurance Contracts", was disclosed in July, 2010 from the International Accounting Standards Board. The public comments were solicited up to the end of November, 2010, and there have been discussions planning to issue a revised Exposure Draft in the first half of 2013 aiming at standardizing IFRS 4, "Insurance Contracts".
The lecture was given on the developments of the issue towards standardizing IFRS 4, "Insurance Contract" and the impacts on the commercial and cooperative insurance businesses.
As many as 61 persons participated in the workshop mainly from a wide range of departments of the member societies.