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Old 11-08-2019, 10:59 PM
bbyw bbyw is offline
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Join Date: Oct 2019
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Default Supersede Exam LFM–Canada by LFM-IFRS

In a financial reporting world divided by US GAAP and IFRS, it’s trivial that issuing the two Life Financial Management Exams to be GAAP specific accordingly rather than country specific will be more logical, and it will benefit SOA candidates around the world more and align the SOA’s strategic mission of globalization better. I don’t see why candidates outside the North America must choose between Canada or US versions of LFM exams, and I would guess most choose the US version even if they practice in IFRS-adopted countries and LFM-US is not that relevant to their jobs.

My suggestion is that rename LFM-US as LFM-USGAAP.

For LFM-IFRS, there are three possible options:
A. One exam—Replace the LFM-Canada exam by LFM-IFRS exam and make the exam as pure IFRS (17) as possible. There will be a survey of country specific topics and Canada will still be a big part of that, but the whole exam is as generic IFRS (17) as possible.

B. One exam with two extensions—Just like the ERM exam model, the exam can be structured as a 3-hour IFRS core in the morning a 2-hour region-specific extension in the afternoon, one for Canada and the other for all other countries with a big Asia focus. IFRS 17 (and ICS) practice in Europe will likely to be unmodified and already well covered in the morning core portion. Besides, SOA has a lot of members in Asia and Hong Kong is the current actuarial hub outside North America.

C. Two exams—If CIA still wants one whole 5-hour exam to be their own, a generic IFRS exam and a Canada exam would be necessary. However, Canada is moving to IFRS 17 and I wonder how much Canada specific content will be left after 2022.
The clock is ticking. IFRS 17 will be effective in 1/1/2022 and the transition date is 1/1/2021, yet the Spring 2020/Fall 2020 LFM syllabus is already set. If the exam committee and volunteers work as fast as possible, the first LFM-IFRS exam will be administrated in spring 2021, already after the transition date and by the time everybody should be ready for IFRS 17 already.

The time is now.


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