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研究生： 李麗芬
Lee, Nicole
論文名稱： 施行IFRS9對台灣壽險業的影響
The Impact of IFRS9 on the Life Insurance Industry of Taiwan
指導教授： 蔡政憲
Tsai, Jason
學位類別： 碩士
Master
系所名稱： 商學院 - 國際經營管理英語碩士學位學程(IMBA)
International MBA Program College of Commerce(IMBA)
論文出版年： 2014
畢業學年度： 102
語文別： 英文
論文頁數： 47
中文關鍵詞： 壽險業 、台灣
外文關鍵詞： Life Insurance Industry, Taiwan
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    • IFRS 9 divides all financial assets into two categories - measured at amortized cost and measured at fair value (through profit or loss and through OCI). Equity instrument could be measured at fair value either through profit or loss or OCI. Debt instruments could be measured at amortized cost if the objective of the business model is collect contractual cash flows and the cash flows of debt instruments pass cash flow characteristic test.
    Under IFRS 9, assets reclassification is permitted only when the company changes its business model for managing its financial assets. Such changes are expected to be infrequent. Any reclassifications should be accounted for prospectively.
    An insurance company’s major objective is managing their assets and liabilities in a way that seeks to match cash out flows to existing policyholders with inflows from investments and from new policyholders.
    In according to the proposed IFRS 4 phase II, the present value of insurance liabilities would be updated at each reporting period, and the changes would be reported in profit or loss or OCI for the period. Classification of financial instruments should be evaluated carefully, otherwise accounting mismatch will exist.
    Keywords: IFRS 9, Financial Assets Classification, IFRS4 Phase II, Cash Flows Characteristic Test, Accounting Mismatch

    1. Introduction 1
    2. Accounting Standard Review 3
    2.1. History of IFRS 9 3
    2.1.1. Original Publication 3
    2.1.2. Limited Amendments to IFRS 9 4
    2.2. Overview of IFRS 9 5
    2.2.1. Initial Measurement of Financial Instruments 5
    2.2.2. Subsequent Measurement of Financial Assets 5
    2.2.3. Embedded Derivatives 8
    2.2.4. Reclassification 9
    2.2.5. Business Model Test 9
    2.2.6. Major Differences between IAS 39 and IFRS 9 10
    2.3. The Impact of IFRS 9 in Moving to IFRS 4 Phase II 15
    2.3.1. Current Accounting under IFRS 4 Phase I 15
    2.3.2. The Latest Draft of IFRS 4 Phase II 15
    2.3.3. The Relationship between IFRS 9 and IFRS 4 Phase II 16
    3. Industry Review from Assets Classification Perspective 18
    3.1. Insurance Company’s Assets Allocation before Adopting IFRS 9 18
    3.2. Financial Assets Reclassification Analysis 19
    3.3. Insurance Company’s Main Challenges of Adopting IFRS 9 20
    3.3.1. Contractual Cash Flows Characteristics Assessment 20
    3.3.2. Business Model Assessment 21
    3.3.3. The Consequence Effect of Adopting IFRS 4 Phase II 21
    3.3.4. The Development and Implementation of Solvency II 22
    3.3.5. The Impact on the Assets that Have Been Reclassified Before Adopting IFRS 9 23
    3.3.6. Reclassification Is Prohibited under IFRS 9 24
    4. Case Study 25
    4.1. Business Model Test 25
    4.1.1. Business Model 25
    4.1.2. F Company’s Business Model 25
    4.2. Cash Flow Characteristics Test 26
    4.2.1. The Details of the Financial Assets as of 2013/12/31 and the Classification Assessment 27
    4.2.2. Financial Assets Classification after Adopting IFRS9 32
    5. Conclusions and Suggestions 35
    References 37
    Appendixes 39

    PwC, 2010, Practical guide to IFRS-IFRS9,”Financial instruments”
    Tamsin Abbey, Deloitte, November 2013 ,IFRS 4 Phase 2 Practical Implications
    Deloitte, December 2012, IFRS in Focus / IASB issues proposal for limited amendments to IFRS 9
    Deloitte, August 2012, IFRS9 Classification and Measurement Are you lost?
    Deloitte, January 2012, Facing the challenge/ Business implication of IFRS 4,9 and Solvency II for insurers
    Deloitte, 2008, IFRS in Real Estate
    Ernst & Young, March 2014, IASB makes use OCI optional and confirms unlocking of the Contractual Service Margin
    Ernst & Young, March 2013, IFRS Outlook, Insights on IFRS for Executives and Audit Committees
    Ernst &Young, November, 2012, The IASB proposes limited amendments to IFRS9 classification and measurement model
    Ernst &Young 1, January 2012, IFRS9: New mandatory effective date and transition disclosures
    Ernst &Young 2, January 2012, Facing the challenge Business implications for IFRS 4, 9 and Solvency II for insurers
    Ernst & Young, March 2012, Limited improvements to IFRS classification and measurement /The impact for insurance and next steps,
    Ernst & Young, May 2012, Financial Instruments: classification and measurement — the GAAP differences continue to narrow
    Ernst &Young, July, 2011, Measure by measure Synchronising IFRS 9 and IFRS 4 Phase II for Insurers
    Ernst &Young, November 2009, IASB publishes IFRS9: Phase 1 of new standard to replace IAS 39
    European Financial reporting Advisory Group, 17 June 2013, Classification and measurement of financial assets results of the field test conducted by EFRAG,ANC,ASCG,FRC and OIC
    R. Venkata, November 2009, Salient differences between IAS 39 and IFRS 9

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