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 Duration 21 hours

Course Outline

Introduction to IFRS 17

  • The purpose and scope of IFRS 17.
  • Key concepts and definitions.
  • A comparison with IFRS 4.

Insurance Contract Accounting under IFRS 17

  • Identification and classification of insurance contracts.
  • Considerations regarding the unit of account and portfolios.
  • Separating insurance and non-insurance components.

Measurement Models

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

Financial Reporting and Disclosures

  • Presenting insurance contracts within financial statements.
  • Disclosure requirements specified in IFRS 17.
  • Data and system requirements necessary for compliance.

Analyzing the Impact of IFRS 17

  • Effects on financial performance and profitability.
  • Implications for insurers’ capital and risk management.
  • Case studies illustrating IFRS 17 application.

Implementation Challenges and Best Practices

  • Operational and system-related challenges.
  • Fostering cross-functional collaboration and governance.
  • Insights from early adopters.

Ensuring Compliance and Long-Term Sustainability

  • Maintaining compliance as standards evolve.
  • Monitoring contract performance in accordance with IFRS 17.
  • Strategic adjustments to improve transparency and competitiveness.

Summary and Next Steps

Requirements

  • A solid understanding of fundamental accounting principles.
  • Experience with financial statements and reporting processes.
  • Familiarity with insurance or financial services is advantageous.

Audience

  • Insurers
  • Controllers
  • Analysts
  • Actuaries
  • Auditors
  • Accountants and finance professionals

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