In this edition Insurance Contracts – Assessing the impact of IFRS 17 Revenue – New sector-specific insights available Insights into IFRS – Getting ready for IFRS change Banks – Credit loss accounting for dual reporters New standards – Coordinating group and local numbers Financial instruments – Prepayment amendments finalized Click here for more..

KPMG’s leaders have the insight and experience to guide you through the upcoming challenges presented by these rules. Complex Canadian, U.S. and international laws dealing with client data collection and reporting continue to evolve, placing considerable stress on the operations of Canadian financial institutions. Click here for more.

The 2017 federal budget introduces a number of measures affecting the financial services industry, many of which are good news for the insurance, banking and asset management sectors. Click here for more.

Canadian financial institutions will soon have to collect information on financial accounts held by tax residents of jurisdictions outside of Canada and the United States and provide these details to the CRA. This requirement is part of an international initiative under which Canada has agreed to provide this information to other countries’ tax authorities in exchange for information about financial accounts held by Canadians in those jurisdictions.

May 5, 2016 – Timbercreek Mortgage Investment Corporation and Timbercreek Senior Mortgage Investment Corporation announced they have entered into an arrangement agreement to combine and create a leading non-bank commercial real estate lender.

Revenue – Optimizing your transition to the new standard As the effective date of IFRS 15 is fast approaching, one key decision needs to be made soon – how and when to transition to the new standard. Identifying the optimal approach depends on a range of issues, so the answer may not be straightforward.

Latest in Insurance June/July 2016 Welcome to the June/July issue of our monthly insurance newsletter. We have a particularly exciting variety of material for you this month starting with our latest global survey – Empowered for the future: Insurance reinvented. This reflects the views of more than 70 executives from many of the largest and most prominent insurance companies in the world and asks the question, with so much time and effort put into transformation, why has so little changed?

Many banks have embraced the digital movement and are confident they are making strides to keep pace with emerging fintech competitors, according to a new banking report by KPMG LLP, the U.S. audit, tax and advisory firm. Read more.

New revenue standard – Rising to the implementation challenge The past two years have seen companies wrestle with implementation issues arising from the new revenue standard. During that period, we’ve gained extensive insight and hands-on experience in the US and globally. And we’re delighted to share our experience in this second edition of Revenue – Issues In-Depth. Many have been surprised at the length and complexity of the assessment and implementation phases.

Welcome to the latest edition of Legalflyer. Brexit and aviation The referendum held on June 23, 2016 resulted in a majority vote in favour of the United Kingdom leaving the European Union.