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Duration 21 hours
Course Outline
IFRS 17 Fundamentals
- Objectives and scope of IFRS 17
- Core concepts and terminology
- Contrasting IFRS 17 with IFRS 4
Accounting for Insurance Contracts under IFRS 17
- Identification and classification of insurance contracts
- Considerations regarding the unit of account and portfolios
- Distinguishing between insurance and non-insurance elements
Measurement Frameworks
- General Measurement Model (GMM)
- Premium Allocation Approach (PAA)
- Variable Fee Approach (VFA)
Reporting and Disclosure Standards
- Presenting insurance contracts within financial statements
- IFRS 17 specific disclosure obligations
- Data and system needs for maintaining compliance
Evaluating IFRS 17 Implications
- Influence on financial performance and profitability
- Impact on insurer capital and risk management strategies
- Practical examples of IFRS 17 implementation
Overcoming Implementation Hurdles and Adopting Best Practices
- Navigating operational and system complexities
- Fostering cross-functional teamwork and governance
- Insights gained from early adopters
Sustaining Compliance and Long-Term Stability
- Staying aligned with evolving standards
- Tracking contract performance in line with IFRS 17
- Strategic moves to enhance transparency and competitiveness
Conclusion 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
- Financial analysts
- Actuaries
- Auditors
- Accountants and 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.