On 26 November 2013, the Polish Insurance Association in cooperation with EY organised a seminar entitled “The closing of accounting books according to Polish and international accounting standards and IFRS project Phase 2”. The seminar was opened by Mr Marcin Łuczyński, Board Member of the Polish Insurance Association, then Ms Beata Baluta, Director of Insurance Supervision Department at the PFSA Office, gave a presentation on the results of supervisory review and assessment (BION) of insurance undertakings in 2012 and the changes in the assessment methodology for this year.
Next the representatives of EY discussed the IFRS 4 project Phase 2, including the application of proposed solutions in practice, issues related to division of responsibility for subsidiary ledgers and issues which are not thoroughly governed in the Polish accounting standards with regard to insurance, inter alia concerning the impairment of investments in Universal Pension Fund Companies (PTE), treatment of premiums from customers not allocated to insurance capital fund (UFK), accounting treatment of reassurance fronting, and commutations. The last part, in particular, initiated lively discussion among the participants.
