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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

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