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 Duration 21 hours

Course Outline

IFRS 17 Fundamentals

  • Objectives and scope of IFRS 17
  • Core concepts and terminology
  • Key differences compared to IFRS 4

Accounting for Insurance Contracts under IFRS 17

  • Identification and categorization of insurance contracts
  • Determining the unit of account and portfolio grouping
  • Distinguishing between insurance and non-insurance components

Measurement Methodologies

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

Reporting and Disclosure Standards

  • Displaying insurance contracts within financial statements
  • Specific disclosure obligations under IFRS 17
  • Data infrastructure and system requirements for adherence

Evaluating the Consequences of IFRS 17

  • Influence on financial outcomes and profit margins
  • Implications for insurer capital and risk oversight
  • Practical case studies of IFRS 17 deployment

Overcoming Implementation Hurdles and Adopting Best Practices

  • Addressing operational and systemic obstacles
  • Fostering cross-departmental cooperation and governance
  • Insights gained from initial implementations

Sustaining Compliance and Long-Term Viability

  • Keeping pace with evolving regulatory standards
  • Tracking contract performance in line with IFRS 17
  • Strategic modifications to enhance transparency and market competitiveness

Conclusion and Future Directions

Requirements

  • A solid grasp of fundamental accounting principles.
  • Practical experience with financial statements and reporting processes.
  • Background knowledge in insurance or financial services is advantageous.

Target Audience

  • Insurance providers
  • Financial controllers
  • Financial analysts
  • Actuaries
  • Internal and external auditors
  • Accountants and finance specialists

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