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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

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