• AAK_4271

    3rd CPD – IAS 19 – Actuarial Valuation for End-of-Service

    Third CPD event for 2016-17 – ICAP KSA CPD Committee Riyadh, held on 31-Jan-2017

    Recognizing the continuing needs of our members and other finance professionals to keep them abreast with the recent developments in corporate and legal framework of the GCC Region, a workshop on the topic of “IAS 19 – Actuarial Valuation for End-of-Service Benefits”, was held on 31 January 2017, at Hilton Garden Inn, Riyadh; Kingdom of Saudi Arabia.

    The workshop was conducted by Mr. Shujat Siddiqui is an actuary by profession and is presently working as General Manager and Senior Actuary of Akhtar & Hasan, Karachi and Alkhwarizmi Actuarial Services Company, Dammam, KSA (a licensed firm by SAMA). He is in the actuarial profession since last 40 years and had been trusted with important assignments in different companies. Mr. Shujat qualified as a Fellow of the Institute of Actuaries in 1976 and was heading Actuarial and Computer Division. His expertise is in Insurance valuation, IAS 19 actuarial valuations, designing and documentation of pension schemes, gratuity schemes and other retirement/end-of-service benefit schemes.

    The main objective of the seminar was to update and enhance the participants’ knowledge and understanding of the principal features and issues relating overall understanding of actuarial process and employee benefits valuation. The workshop mainly focused on the overall understanding of post-retirement benefits, underlying plan assets (if any) and related concepts, accounting  and disclosure for retirement benefits, Actuarial Cost Method prescribed under IAS 19;; Accounting gaps between SOCPA vs IFRS; Requirements of IFRS 1 pertaining to reporting of employment benefits for first time adoption; Actuary’s data and information requirements and related assumptions; IFRS extended disclosures challenges; EOSB under Saudi Labour Laws and Actuarial Valuation process.

    The workshop was greatly applauded by the participants as a useful event addressing the practical understanding of the IAS 19 in conjunction of Saudi Labour Law. At the conclusion, Mr. Safwat Khalid, Chairman CPD Committee Riyadh, presented a vote of thanks to the guest speaker and participants on behalf of the ICAP KSA Members’ Committee.

    The workshop was attended by over 70 ICAP members and accounting professionals. The event ended with a sumptuous dinner in the honor of speaker and the guests.

    Both the presentation and the pictures are available on ICAP KSA website.