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 Duration 21 hours

Course Outline

IFRS 17 Fundamentals

  • Objectives and scope of IFRS 17
  • Core concepts and key definitions
  • Differences between IFRS 17 and IFRS 4

Accounting for Insurance Contracts under IFRS 17

  • Identifying and categorizing insurance contracts
  • Unit of account and portfolio-level considerations
  • Distinguishing insurance from non-insurance components

Measurement Frameworks

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

Financial Reporting and Disclosure Requirements

  • Presentation of insurance contracts within financial statements
  • Specific disclosure obligations under IFRS 17
  • Data and system prerequisites for compliance

Evaluating IFRS 17 Impact

  • Influence on financial performance and profitability
  • Implications for insurers’ capital structure and risk management
  • Real-world case studies of IFRS 17 implementation

Implementation Hurdles and Best Practices

  • Operational and technical system challenges
  • Fostering cross-functional cooperation and governance
  • Insights gained from early adopters

Sustaining Compliance and Long-Term Viability

  • Staying compliant with evolving regulatory standards
  • Tracking contract performance under IFRS 17
  • Strategic adaptations to enhance transparency and market competitiveness

Conclusion and Recommended Next Steps

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 providers
  • Controllers
  • Analysts
  • Actuaries
  • Auditors
  • Accountants and finance experts

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