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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
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.