DOCSLIB.ORG

IFRS 17 Implementation Benchmarking Survey 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
IFRS 17 Implementation Benchmarking Survey 2020 IFRS 17 Implementation Benchmarking Survey 2020 Smart followers need to move faster Contents Executive summary .......................................................3 IFRS implementation timeline ........................................5 Key findings 1. Implementation and readiness ...............................6 2. Budgets and sponsors ...........................................9 3. Implementation challenges ....................................11 4. Technology and providers ......................................13 5. Implementation approaches ..................................16 6. Investor relations and IFRS 17 ...............................21 Lessons learned from successful implementations ...........22 Contacts ......................................................................23 2 | IFRS 17 Implementation Benchmarking Survey 2020 Executive summary The results of EY’s IFRS 17 Implementation findings relative to the challenges and current readiness levels for entities in different regions and at different stages of the project. Benchmarking Survey 2020 confirms that It also includes recommended actions for how insurers can move the new standard is proving to be quite a forward on their IFRS 17 implementation journeys. challenge for most insurers. For further insights into IFRS 17, including how your organization compares to these research results, please contact your local EY This is not surprising, given that IFRS 17 is the most significant representative (see page 23). change to insurance accounting requirements in over 20 years (see sidebar). Along with the complexity of the standard, the uncertainty About the EY IFRS 17 about the elements of IFRS 17 that are not yet finalized makes implementation extremely difficult. Significant investments of Implementation Benchmarking both cash and management time are required. Even though the implementation deadline has been extended again, there is clear Survey 2020 urgency for insurers to finalize implementation planning and move Objective: Understand where insurers are in their implementation on to executing those plans. journeys and identify the common challenges and focus areas for the market The survey findings clarify the state of IFRS 17 readiness on the front lines of implementation. The clear takeaways for insurance number of participating insurers (including life, composite, leaders in charge of implementation programs include: 45 reinsurance and non-life businesses) • 66% of respondents classified themselves as “smart followers.” With the exception of some large global insurers, countries across Europe, Asia and the Americas most insurers are behind where they need to be in their 19 implementation project. Notes: • The size of budgets varies widely and depends largely on the • Data about budgets and software and technology vendors featured complexity of the business, as well as different definitions of in this report includes both survey results and inputs from other IFRS 17 costs. Given the large number of unknowns in IFRS 17 EY research. implementation, the overall spend is likely to be much higher • Findings are based on the expected effective date of 2022, which than originally estimated. is based on the proposed amendment in the June 2019 Exposure • Data and systems are top of mind as insurers plan their IFRS Draft (ED). 17 implementations. Significant data must be processed and stored to meet the new measurement and reporting requirements. Sourcing quality data at the level of granularity required by IFRS About IFRS 17 17 is proving to be the most significant implementation challenge. In May 2017, the International Accounting Standards Board • More than 50% of insurers have not yet selected an IFRS 17 (IASB) issued IFRS 17 Insurance Contracts (IFRS 17, or the system or vendor. For those that have, there are a few leaders standard) — the most significant change to insurance accounting among the system vendors available. All software solutions are requirements in over 20 years. still works in progress that present a degree of risk at this stage of development. At the time of publication, IFRS 17 is still not finalized, and the final amendments are expected to be issues in the second The following report provides more detail into these and other quarter of 2020. However, following the IASB Board meeting in March 2020, the IASB confirmed the effective date of IFRS 17 has been deferred to 1 January 2023. 3 | IFRS 17 Implementation Benchmarking Survey 2020 IFRS 17 Implementation Benchmarking Survey 2020 results confirm that there is much work for insurers to do, especially relative to data challenges. of respondents classified themselves 66% as “smart followers” of respondents have completed detailed 14% planning with 32% significantly advanced 54% are in the early stages of planning have completed the implementation and 11% testing phase of insurers that have made a vendor decision have opted for Sub-Ledger solutions as their 80% preferred IFRS 17 solution the position of granularity required for IFRS 17 reporting and measurement among all #1 data sourcing challenges of respondents plan to mitigate resource 45% shortages with the use of consultants 4 | IFRS 17 Implementation Benchmarking Survey 2020 IFRS 17 implementation timeline assuming an implementation date of 1 January 2023 Phase 2: 2020 Phase 3b: 2021/2022 Solution End-to-end test Phase 5: 2023 design and validate Full IFRS 17 • Deploy IFRS resources • pdate o actuarial models completed BAU reporting • Develop accounting policies • pgrade o systems completed • IFRS go live • Complete etaile • Integrate test production environment • Develop YE 2021 IFRS gap analyses • Create year-en (YE 2019 test 17 balance sheet • Create business requirements balance sheet with comparatives document • Develop quarterly proforma • Develop YE 2021 IFRS • Decide on technology platforms statements and isclosures 17 isclosures • Complete venor assessment • Provide training on requirements, • Execute quarterly systems an processes or testers • Develop IFRS production runs reporting solutions • Complete systems integration testing • Perform project close • Design solution architecture an user acceptance testing • Close IFRS 4 reporting • Develop transition to parallel • Develop etaile an archive reporting environment implementation roamap environment • Develop target operating 1 January 2021 1 January 2022 model (TM) YE 2020 opening Previous 1 January 2023 May 2017 balance sheet implementation deadline Delayed • Buil assumption implementation deadline IFRS 17 Issued management capability Original implementation deadline 2017 2018 2019 2020 2021 2022 2023 Phase2 Phase 1: 2017–2020 Phase 3a: 2021 Phase 4: 2022 Impact Build and Transition and assessment unit test parallel runs • Analysis o IFRS requirements an implications • Review timeline or changes ue to • Implement TOM delaye implementation ate • Complete financial and operational impact analyses • Perform parallel quarterly runs o en • Develop initial gap analyses • pgrade ata warehousing capabilities to en IFRS reporting process • Decide on contractual service margin (CSM • Complete enterprise ata lake an • Create YE 2020 opening balance sheet data interfaces development (actuarial vs. finance-driven) • Develop quarterly proforma statements • Develop IFRS implementation budget an resources • Design an implement accounting and isclosures rules/journal entry logics • Develop high level implementation roadmap • Provide training on requirements, • Develop CSM engine systems and processes • pdate actuarial models • Provide training on requirements, • pdate chart o accounts (COA an systems an processes or go live an analysis of earnings business as usual (BAU) • Document accounting policies, • Transition to go live an BAU judgments an methoologies • Develop proforma statements and isclosures • Embe governance an controls throughout organization 5 | IFRS 17 Implementation Benchmarking Survey 2020 Key finding 1 Implementation and readiness: Most insurers are lagging in their implementations and are unsure about meeting the deadline Most survey respondents have classified themselves as “smart How would you classify your company’s response to IFRS 17? followers.” However, the reality is that most insurers are behind where they need to be. Only 60% have completed gap analyses and impact assessments. Only slightly more than 10% have Involuntary Leader significantly advanced into implementation and testing. laggard 20% Larger insurers tend to be further along in build phases 5% compared to their smaller peers. Almost all large insurers have reached the build phase in their implementation programs, and some implementation “leaders” — primarily in Asia and Europe Purposeful laggard — are in the execution and dry-run stage. Compared to European Smart follower insurers, Asian organizations tend to be slightly more advanced 9% in phases 1 and 2 of implementation. 66% To ensure readiness for the implementation date, it’s important that insurers continue with their implementation efforts and do not fall any further behind with their programs. Where are you in the following implementation phases? (Answers as of July/August 2019) Not starte Starte Significantly advanced Complete Phase 1 – gap analysis an impact assessment 2% 14% 25% 59% Phase 2 – etaile planning an esign 9% 45% 32% 14% Phase 3a – implementation an testing 48% 39% 11% 2% Phase 3b – transition an parallel run 82% 16% 2% Phase 4 – postimplementation support *Based on responses from July/Aug 2019 98% 2% 6 | IFRS 17 Implementation
Load more

Recommended publications
  • Impact of IFRS 17 for Insurers
    Impacts of IFRS 17 insurance contracts accounting standard Considerations for data, systems and processes Across the globe, an unprecedented wave of new reporting and regulatory requirements are driving changes that are significantly impacting the way insurers manage their business. The new financial reporting standard IFRS 17 will undoubtedly represent the most significant change to insurance accounting requirements in over 20 years. IFRS 17 is scheduled to be applied for reporting periods starting on or after 1 January 2021. Its dynamics will not only have implications on the financial disclosures of insurers – it will also have profound operational impacts on all aspects of the organization. EY is already supporting many insurers across the globe in implementing IFRS 17 and we can see that the industry faces tough challenges in understanding the operational impacts on data, systems and processes. IFRS 17 requirements trigger questions around: • the fundamental data management strategy, including data quality, storage and archiving • the end-to-end systems architecture design and • the different actuarial, risk and accounting processes that will support the future reporting process and how they will interact In the next years insurers will need to implement significant technical and practical changes in order to appropriately respond to these questions. We believe the most efficient way to approach this will be through an integrated operating model and technology platform for Finance and Actuarial, enabling them to work as one unified team with one seamless calculation and reporting system. We see generally three solution approaches to meet the new data, system and process challenges: 1. Actuarial driven solution - Leverage existing data, system and processes for IFRS 17 and build on MCEV/Solvency II tools and models wherever sensible 2.
    [Show full text]
  • IFRS 17 and Embedded Value Reporting
    Insurance Accounting Insights IFRS 17 and Embedded Value Reporting While the immediate challenge for many insurers around the globe is to determine accounting interpretations and methodologies for insurance contracts, and transition from existing frameworks before the effective date of 1/1/2021,1 there are other areas indirectly impacted. One of those is Embedded Value (EV) reporting. Overview As illustrated in Figure 1, under IFRS 17, insurance contract The long-awaited IFRS standard for insurance contracts, IFRS 17, liabilities consist of three components under the general was finally released in May 2017, replacing IFRS 4. Many companies measurement model which is often referenced as the Building routinely calculate and publish EV results. Despite having a Blocks Approach (BBA) – probability-weighted mean present value collection of rules and practices, EV is not technically an accounting of future cash flows (expected PV of cash flows), Risk Adjustment framework. Rather, it reports risk-adjusted performance, (RA) and Contractual Service Margin (CSM). There are variations recognizing both economic principles and constraints posed by to the general model such as the Premium Allocation Approach local statutory laws in distributing earnings. This article aims to which is an option for certain short-term contracts, and the discuss how the adoption of IFRS 17 will impact the future of EV Variable Fee Approach which is applied to contracts with reporting. participating features that meet certain eligibility criteria. In this article, unless otherwise noted, we will focus on the general Comparison – IFRS 17 vs. EV measurement model considering its broad applicability, and IFRS 17 is a current value framework which is intended to more similarity to the EV framework.
    [Show full text]
  • IFRS 17 Insurance Contracts | a New Perspective on Insurance Accounting
    IFRS 17 Insurance Contracts A new perspective on insurance accounting May 2017 kpmg.com/© 2017 KPMG IFRGifrs Limited, a UK company limited by guarantee. All rights reserved. Greater comparability and transparency “IFRS 17 will give users of financial statements a whole new perspective. For the first time, insurers will be on a level footing internationally. It will open up the ‘black box’ of current insurance accounting.” “The ways in which analysts interpret and compare Joachim Kölschbach, companies will change. Increased transparency will KPMG’s global IFRS give users more insight into an insurer’s financial insurance leader health than ever before.” © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. 2 What’s the issue? Analysts currently have to adjust insurance companies’ financial positions and performance to be able to compare them IFRS 17 increases transparency about profitability and will add comparability © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. 3 The changes could significantly affect insurers’… Profitability patterns Volatility of financial results and equity The magnitude of the accounting Level of transparency about change for life and profit drivers non-life insurers will be different Equity levels © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. 4 A new, comprehensive accounting model IFRS 17’s general measurement model (GMM) is based on a fulfilment objective and uses current assumptions It introduces a single, revenue recognition principle to reflect services provided And is modified for certain contracts © 2017 KPMG IFRG Limited, a UK company limited by guarantee.
    [Show full text]
  • IFRS 17: Beyond Compliance – Unlocking Value for the Business 3 Our IFRS 17 Support
    IFRS 17 Beyond compliance – unlocking value for the business IFRS 17: Could you achieve compliance plus? Insurers in many parts of the world are currently in the process of implementing significant changes resulting from the introduction of IFRS 17, the global accounting standard on Insurance Contracts, which comes into effect from 1 January 2022. Inevitably, many companies will initially be driven by the need to ensure that they are able to get the numbers out accurately, on time and as efficiently as possible. As insurers are fast discovering, the intricacies and From methodology to implementation to reporting; from complexities of IFRS 17 multiply rapidly once you start people to processes to technology; Willis Towers Watson has getting into the details of calculations and presentation. the breadth and depth of expertise and technology to guide The selection of options, the use of judgement in applying you through the maze of different workstreams (see Figure 1). a principles-based approach, and the need to deal with amendments and emerging guidance all result in a complex With practical and pragmatic advice, tailored to your methodological labyrinth of twists and turns. circumstances and needs, our consulting teams can reduce the burden on your internal resources. Our technology solutions provide the mechanism to produce the numbers accurately and quickly, allowing for the storage and validation of data, auditability of calculations and the complexities of methodology and projections. 2 willistowerswatson.com Compliance plus Not only that, given the work involved to be IFRS 17-ready, we believe insurers can benefit from putting the challenge in a broader context – to turn IFRS 17 in to a wider business improvement project.
    [Show full text]
  • Supervisory Implications of IFRS 17 Insurance Contracts – Executive Summary
    Supervisory implications of IFRS 17 insurance contracts – Executive Summary Significance of IFRS 17 After almost 20 years in the making, the final International Financial Reporting Standard (IFRS) 17 Insurance Contracts was released in May 2017, marking one of the most significant developments in the insurance industry in recent years. IFRS 17 sets out how companies should value issued insurance (including reinsurance) contracts, typically an insurer’s largest balance sheet items. Therefore, the standard is hugely significant in the determination of an insurer’s financial position. IFRS 17 is expected to improve the usefulness, transparency and cross-jurisdictional comparability of insurers’ financial reports. As the international standard for the accounting of insurance contracts, IFRS 17 will be used by the majority of global insurers for general purpose financial reporting and, in some cases, for prudential reporting as well.* Main elements of IFRS 17 At a very high level, the value of an insurance contract based on the IFRS 17 core requirements is as follows: Unearned Insurance Present value profit contract Risk of future (contractual value on adjustment cash flows service balance margin) sheet Fulfilment cash flows IFRS 17 will require many affected insurers to significantly change the way they currently value and report their insurance contracts. The following are some of the major changes expected: • for life insurers, the requirement to value insurance contracts using fully updated information to better reflect insurers’ true underlying financial positions • for non-life insurers, the requirement to discount future cash flows and to set up explicit risk adjustment for incurred insurance claims IFRS 17 will become effective on 1 January 2021, with early adoption allowable in certain circumstances.
    [Show full text]
  • IFRS 17: How a Target Operating Model Approach Will Help Achieve Benefits
    WHITE PAPER IFRS 17: How a Target Operating Model approach will help achieve benefits LEAN DIGITALSM IFRS 17 standard is expected in the first half of 2017, with an effective date of January 1, 2021. A structured Target Operating Model approach will help overcome challenges and provide opportunities and benefits. Start an impact analysis now for an effective planning process, allowing you to secure budgets and resources and determine potential benefits. 2 Table of content IFRS 17: the new burden for insurers after Solvency II or are there benefits? .............................04 Summary ..............................................................................................................................................................................................................04 What is IFRS 17 ...................................................................................................................................................................................................05 Challenge ..............................................................................................................................................................................................................06 Implementation ..................................................................................................................................................................................................06 The impact of the new standard on the finance and actuarial function .......................................08
    [Show full text]
  • IFRS 17 Balance Sheet Presentation: Premium Receivable and Claims Payable Issues Paper
    EFRAG Board and TEG meeting 4 June 2019 Paper 06-10 This paper has been prepared by the EFRAG Secretariat for discussion at a public joint meeting of the EFRAG Board and EFRAG TEG. The paper does not represent the official views of EFRAG or any individual member of the EFRAG Board or EFRAG TEG. The paper is made available to enable the public to follow the discussions in the meeting. Tentative decisions are made in public and reported in the EFRAG Update. EFRAG positions, as approved by the EFRAG Board, are published as comment letters, discussion or position papers, or in any other form considered appropriate in the circumstances. IFRS 17 Balance sheet presentation: Premium receivable and Claims payable Issues Paper Introduction 1 IFRS 17 will require separate presentation of portfolios of insurance contracts in an asset and liability position. This is on the basis of all the cash flows expected to arise from fulfilling the contracts in the portfolio, including premiums receivable and claims payable. IAS 1 permits disaggregation where this provides useful information. 2 Insurers as well as the ANC are concerned about the loss of information as the IFRS 17 requirements will remove items currently commonly presented on the face of the balance sheet such as premium receivables, policy loans and reinsurance collateral (funds withheld) as well as claims payable. The CFO Forum also cited the considerable cost this would entail. IASB staff’s reasoning for not recommending an amendment to IFRS 17 3 The IASB staff thought that amending IFRS 17 to require the separate presentation of premiums receivable and claims payable from the insurance contract asset or liability could: (a) reduce comparability between entities — the IASB staff understood that systems currently used by entities recognise premiums receivable over different periods for different contracts.
    [Show full text]
  • IFRS 17: an Investor Perspective
    VIEWPOINT OCTOBER 2017 IFRS 17: An Investor Perspective Introduction The International Financial Reporting Standards (IFRS) 17 is a complex set of accounting principles that are expected to materially impact liability measurement and profit recognition for insurance companies. They are intended to help provide high- quality financial information that is globally comparable, consistent and transparent. Barbara Novick Patrick Liedtke This is welcome, as the current standard (IFRS 4) needs overhauling and results in Vice Chairman Head of Financial highly divergent accounting practices that exist in the insurers’ local jurisdictions. We Institutions Group, therefore support the principles behind IFRS 17 as this standard can result in a EMEA significant increase in global comparability and enhance the quality of financial information. However, the intended objectives are unlikely to be met in full due to the crunched implementation timeframe. In this ViewPoint, we outline the history and scope of international standards, describe the potential benefits of IFRS 17, and highlight possible unintended consequences on insurers, analysts and investors. Our key observations and recommendations are summarized on the following page. Cindy Lim Pierre Le Bihan The IFRS Landscape Financial Fundamental Institutions Group Research, Global Historically, divergent views about the role of financial reporting made it difficult to Fixed Income encourage a commonality of accounting standards across the globe. However, over the course of the 20th century, efforts to create an international body to establish consistent international accounting standards gained widespread recognition, with a vision of a global set of accounting standards being supported by a variety of organizations within the international regulatory framework. IFRS standards have been one of the main tools to drive that commonality and, over time, have replaced the myriad of national accounting standards, which had Christopher Sykes Anahide Pilibossian historically driven the production of company financial statements.
    [Show full text]
  • Bridging the Accounting Gap Under IFRS 17 (PDF)
    Bridging the accounting gap under IFRS 17 Re-thinking Insurance Accounting under IFRS 17. INTRODUCTION Traditionally, actuaries have kept themselves busy with assumptions setting, modelling products on actuarial platforms and projecting cashflows to arrive at liability and solvency numbers for reporting. The actuarial world revolved around more or less the same platforms and processes. Similarly, the accountants have confined themselves to the general ledgers, preparation of financial statements and disclosures. The interaction between the two worlds had been mostly limited to sharing the liability and solvency numbers periodically. The actuarial and accounting systems likewise were not build to interact with each other. With IFRS 17, due to be implemented by 2022, all this is set to change. The challenges which IFRS 17 has introduced will require bringing both the worlds together. The current standard, IFRS 4 under which Insurance contracts are accounted for was issued in 2004. Under this standard, there is an immediate release of profit/ loss at initial recognition of the insurance contract. And, the subsequent emergence of smaller profits via the release of prudential IFRS 17 is a principles- margins embedded in the policy reserves. In subsequent years, profits primarily came from based accounting standard and allows for alternative the difference between the ‘unwind’ of the reserves and the experience. Further to this, profit is accounting treatments. Under also moved by other drivers like the changes in future estimates and financial and non-financial IFRS 17, changes in financial assumptions. However, Insurer companies club all these changes in one single number viz. assumptions can alternatively ‘Change in Insurance Contract Liability' for presentation in its income statement.
    [Show full text]
  • IFRS 17: Redefining Insurance Accounting
    www.pwc.com/ifrs IFRS 17: Redefining insurance accounting June 2017 Introduction In May 2017, the IASB finished its long-standing project to develop an accounting standard on insurance contracts and published IFRS 17, ‘Insurance Contracts’. IFRS 17 replaces IFRS 4, which currently permits a wide variety of practices. IFRS 17 will fundamentally change the accounting by all entities that issue insurance contracts and investment contracts with discretionary participation features. The standard applies to annual periods beginning on or after 1 January 2021, with earlier application permitted if IFRS 15, ‘Revenue from Contracts with Customers’, and IFRS 9, ‘Financial Instruments’, are also applied. Scope IFRS 17 applies to insurance contracts issued, to all reinsurance contracts and to investment contracts with discretionary participating features if an entity also issues insurance contracts. For fixed-fee service contracts whose primary purpose is the provision of services, entities have an accounting policy choice to account for them in accordance with either IFRS 17 or IFRS 15. Similar to the position under IFRS 4, financial guarantee contracts are allowed to be within the scope of IFRS 17 if the entity previously asserted explicitly that it regarded them as insurance contracts. Insurance contracts (other than reinsurance) where the entity is a policyholder are not within the scope of IFRS 17. Embedded derivatives and distinct investment and service components should be ‘unbundled’ and accounted for separately in accordance with the related IFRSs. Voluntary unbundling of other components is prohibited. The measurement model IFRS 17 requires a current measurement model, where estimates are remeasured in each reporting period.
    [Show full text]
  • Feedback from Insurers on the Journey to IFRS 17 and IFRS 9 Implementation One Year In
    In it to win it Feedback from insurers on the journey to IFRS 17 and IFRS 9 implementation one year in Helping make the best insurers better kpmg.com/insurancechange Foreword It is a little over a year since the IFRS 17 standard on insurance This provides a powerful base from which to analyze contracts was published and the clock began ticking towards the trends across the sector. Several key themes have implementation, alongside IFRS 9 in many cases, in 2021. At become apparent: the time of publication, that implementation date may have — time pressure is already becoming acute — there is a vast felt distant to many insurance companies — but now, as they amount to do begin to embark in earnest on the journey towards making the new standards operational, there is a growing realization — the organizations that are furthest along with their projects that there is a huge amount of work to do and not actually very (generally, larger insurers) are the ones feeling the time much time. A quarter of the period for preparation has already challenge the most — the more they do, the more they slipped away. The changes that need to be made are truly realize how hard the task is and how much work is significant. Indeed, for most insurers adopting IFRS 17 for the involved first time will have a bigger impact and be a greater challenge — while working on implementation, the leading insurers than adopting IFRS accounting in the first place. are seeking to optimize systems and processes at the Implementing the two standards brings the need to make same time in order to reap longer-term, enterprise-wide a myriad of technical and operational decisions along the benefits too — though recognizing that this may take way.
    [Show full text]
  • In the Spotlight Transition to IFRS 17
    In the Spotlight Transition to IFRS 17 Release Date: 30 October 2020 Frequently asked questions on IFRS 17 At a glance IFRS 17 specifies complex transition requirements for entities that are applying IFRS 17 for the first time. Entities will need to evaluate the choices that are available to them and exercise judgement in applying many of the requirements. Those choices and judgements will have an ongoing, long-term effect on amounts recognised on transition, with a corresponding effect on shareholder equity and reported revenue and profit reported in subsequent years for some insurers. This publication summarises the requirements relating to transition, along with frequently asked questions (‘FAQs’) related to the topic. 1. Introduction The diversity in previous insurance accounting practices and the long duration of many types of insurance contracts create particular challenges for transition to IFRS 17, ‘Insurance Contracts’. As a result, the transition requirements in IFRS 17 are complex and contain a number of options. The consequences of the choices made under those options can have an effect on the accounting for insurance contracts for many years, persisting for as long as the contracts that exist at the date of transition remain outstanding. We are already seeing, from initial impact assessments for companies writing long-term insurance contracts, that those choices can significantly affect the measurement of insurance contracts at the transition date, with a corresponding effect on shareholder equity and reported revenue and profit from those insurance contracts in the future. Spotlight 1 Insurers will also need to understand the operational implications of their decisions about transition to IFRS 17 and the wider effect of those decisions on areas such as tax, solvency and dividend distribution, depending on their jurisdiction.
    [Show full text]