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 Duration 21 hours

Course Outline

IFRS 17 Overview

  • Objectives and scope of IFRS 17.
  • Core concepts and key definitions.
  • Comparative analysis with IFRS 4.

Accounting for Insurance Contracts under IFRS 17

  • Recognition and classification of insurance contracts.
  • Defining the unit of account and portfolio grouping.
  • Distinguishing between insurance and non-insurance components.

Measurement Frameworks

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

Reporting and Disclosure Requirements

  • Presentation of insurance contracts within financial statements.
  • Specific disclosure obligations under IFRS 17.
  • Data and system infrastructure needed for compliance.

Evaluating the IFRS 17 Impact

  • Consequences for financial performance and profitability.
  • Implications for insurers' capital position and risk management.
  • In-depth case studies illustrating IFRS 17 application.

Addressing Implementation Challenges

  • Operational and technological hurdles.
  • Fostering cross-functional cooperation and governance.
  • Insights and lessons from early adopters.

Sustaining Compliance and Long-Term Viability

  • Staying compliant with evolving accounting standards.
  • Continuous monitoring of contract performance under IFRS 17.
  • Strategic moves to enhance transparency and competitive edge.

Wrap-up and Future Steps

Requirements

  • Foundational knowledge of accounting principles.
  • Practical experience with financial statements and reporting processes.
  • Familiarity with the insurance or financial services sector is advantageous.

Target Audience

  • Insurers.
  • Financial Controllers.
  • Analysts.
  • Actuaries.
  • Auditors.
  • Accountants and other finance professionals.

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