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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.
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.