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 Duration 21 hours

Course Outline

Overview of IFRS 17

  • Objectives and applicable scope of IFRS 17
  • Contrast with the previous IFRS 4 standard

Accounting for Insurance Contracts under IFRS 17

  • Recognition and classification of insurance contracts
  • Determining the unit of account and portfolio groupings
  • Disaggregating insurance and non-insurance elements

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 mandates under IFRS 17
  • Data and infrastructure needs for effective compliance

Evaluating IFRS 17 Consequences

  • Impact on insurer capital structures and risk oversight
  • Real-world case studies of IFRS 17 adoption

Adoption Challenges and Optimal Strategies

  • Operational and systemic hurdles
  • Fostering cross-departmental teamwork and governance
  • Insights gained from early implementing firms

Sustaining Compliance and Long-Term Viability

  • Staying aligned with evolving regulatory standards
  • Tracking contract performance in line with IFRS 17
  • Strategic modifications to bolster transparency and market competitiveness

Recap and Future Actions

Requirements

  • Solid grasp of fundamental accounting principles
  • Practical experience with financial statements and reporting processes
  • Familiarity with the insurance or financial services sector is advantageous

Target Audience

  • Insurance companies
  • Financial controllers
  • Financial analysts
  • Actuaries
  • Audit professionals
  • Accountants and finance specialists

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