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 Duration 21 hours

Course Outline

Overview of IFRS 17

  • Objectives and applicability of IFRS 17
  • Fundamental concepts and terminology
  • Contrast between IFRS 17 and IFRS 4

Accounting for Insurance Contracts under IFRS 17

  • Identification and categorization of insurance contracts
  • Considerations for units of account and portfolios
  • Distinguishing between insurance and non-insurance elements

Measurement Frameworks

  • General Measurement Model (GMM)
  • Premium Allocation Approach (PAA)
  • Variable Fee Approach (VFA)

Financial Reporting and Disclosure Standards

  • Displaying insurance contracts within financial statements
  • IFRS 17 specific disclosure obligations
  • Data infrastructure and system needs for compliance

Assessing the Implications of IFRS 17

  • Influence on financial outcomes and profitability
  • Consequences for insurers’ capital structures and risk oversight
  • Illustrative case studies of IFRS 17 execution

Implementation Hurdles and Recommended Practices

  • Operational and technological obstacles
  • Fostering cross-departmental cooperation and governance
  • Insights gained from early adopters

Sustaining Compliance and Long-Term Viability

  • Adhering to evolving regulatory standards
  • Tracking contract performance under IFRS 17
  • Strategic modifications to enhance transparency and market competitiveness

Conclusion and Subsequent Actions

Requirements

  • A solid grasp of fundamental accounting principles
  • Familiarity with financial statements and reporting processes
  • Background knowledge in insurance or financial services is advantageous

Target Audience

  • Insurance companies
  • Financial controllers
  • Analysts
  • Actuaries
  • Auditors
  • Accountants and finance specialists

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