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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
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.