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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
Testimonials (4)
How to manage business financials
surprise mtileni - Hatima Holdings (Pty) ltd
Course - Learning Xero
Good communication, open for discussion, kept it interesting and engaging
Ahmet Keyman - Keytrade AG
Course - Management Accounting and Finance for Non-Finance Professionals
Experience of the trainer and his way of conveying the content
Roggli Marc - Bechtle Schweiz AG
Course - FinOps
The trainer did not leave a single minute unexploited! He was up a storm throughout every lesson and provided much material for whatever he dealt with.