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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

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