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Course Outline

Introduction to IFRS 17

  • Overview of the purpose and scope of IFRS 17.
  • Core concepts and key definitions.
  • Comparative analysis with IFRS 4.

Accounting for Insurance Contracts under IFRS 17

  • Methods for identifying and classifying insurance contracts.
  • Considerations regarding the unit of account and portfolio grouping.
  • Techniques for separating insurance components from non-insurance elements.

Measurement Models

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

Financial Reporting and Disclosure Requirements

  • Presentation of insurance contracts within financial statements.
  • Specific disclosure requirements mandated by IFRS 17.
  • Data infrastructure and system prerequisites for compliance.

Assessing the Impact of IFRS 17

  • Implications for financial performance and profitability.
  • Effects on insurers' capital adequacy and risk management strategies.
  • Real-world case studies illustrating IFRS 17 application.

Implementation Challenges and Best Practices

  • Operational and technical system hurdles.
  • Facilitating cross-functional collaboration and governance.
  • Insights and lessons learned from early adopters.

Sustaining Compliance and Long-Term Viability

  • Maintaining adherence to evolving regulatory standards.
  • Monitoring contract performance in line with IFRS 17.
  • Strategic adjustments to enhance transparency and competitiveness.

Course Summary and Future Steps

Requirements

  • A foundational understanding of accounting principles.
  • Prior experience in preparing financial statements and reporting.
  • Familiarity with the insurance or financial services sector is advantageous.

Target Audience

  • Insurance companies and professionals.
  • Financial controllers.
  • Financial analysts.
  • Actuaries.
  • Auditors.
  • Accountants and finance professionals.
 21 Hours

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