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Duration 21 hours
Course Outline
Overview of IFRS 17
- The objectives and scope of IFRS 17
- Fundamental concepts and key definitions
- Comparing IFRS 17 with IFRS 4
Accounting for Insurance Contracts under IFRS 17
- Identification and classification of insurance contracts
- Determining the unit of account and portfolio aspects
- Distinguishing between insurance and non-insurance elements
Measurement Methodologies
- General Measurement Model (GMM)
- Premium Allocation Approach (PAA)
- Variable Fee Approach (VFA)
Financial Reporting and Disclosure Requirements
- Presentation of insurance contracts within financial statements
- Specific disclosure mandates under IFRS 17
- Data and system prerequisites for meeting compliance standards
Evaluating the Effects of IFRS 17
- Influence on financial results and profitability
- Impact on insurer capital and risk management strategies
- Illustrative case studies of IFRS 17 implementation
Implementation Hurdles and Best Practices
- Navigating operational and technological challenges
- Fostering cross-functional cooperation and governance
- Insights gained from early implementers
Sustaining Compliance and Long-Term Viability
- Upholding compliance as standards evolve
- Tracking contract performance in accordance with IFRS 17
- Making strategic adjustments to enhance transparency and market competitiveness
Recap and Future Directions
Requirements
- A solid grasp of accounting principles
- Familiarity with financial statements and reporting processes
- Background knowledge in insurance or financial services is advantageous
Target Audience
- Insurance companies
- Controllers
- Analysts
- Actuaries
- Auditors
- Accountants and other 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.