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Duration 21 hours
Course Outline
Overview of IFRS 17
- Objective and scope of the standard
- Core concepts and terminology
- Distinguishing features compared to IFRS 4
Accounting for Insurance Contracts
- Identifying and categorizing insurance contracts
- Determining the unit of account and portfolio groupings
- Unbundling insurance and non-insurance components
Measurement Methodologies
- General Measurement Model (GMM)
- Premium Allocation Approach (PAA)
- Variable Fee Approach (VFA)
Reporting and Disclosure Standards
- Presentation of insurance liabilities in financial statements
- Mandatory disclosure criteria under IFRS 17
- Data infrastructure and system needs for compliance
Assessing the Impact of IFRS 17
- Consequences for financial results and profit margins
- Influence on capital requirements and risk management strategies
- Real-world application case studies
Implementation Strategies and Best Practices
- Operational and technical hurdles
- Fostering cross-departmental cooperation and governance
- Insights gained from early adopters
Sustaining Compliance and Long-Term Viability
- Adapting to changes in regulatory standards
- Continuous monitoring of contract performance under IFRS 17
- Strategic shifts to enhance transparency and market competitiveness
Recap and Future Actions
Requirements
- A solid grasp of fundamental accounting principles
- Familiarity with financial statement preparation and reporting processes
- Background in insurance or financial services is advantageous
Intended Audience
- Insurance providers
- Financial controllers
- Financial analysts
- Actuaries
- Auditors
- Accountants and finance specialists
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.