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 Duration 21 hours

Course Outline

Overview of IFRS 17

  • The objectives and scope of IFRS 17.
  • Core concepts and key definitions.
  • Key differences compared to IFRS 4.

Accounting for Insurance Contracts under IFRS 17

  • Identification and classification of insurance contracts.
  • Determining the unit of account and portfolio grouping.
  • Distinguishing insurance components from non-insurance elements.

Measurement Models

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

Financial Reporting and Disclosure Requirements

  • Presenting insurance contracts within financial statements.
  • Mandatory disclosures under IFRS 17.
  • Data and system prerequisites for compliance.

Assessing the Impact of IFRS 17

  • Effects on financial performance and profitability.
  • Influence on insurers’ capital adequacy and risk management.
  • Real-world case studies of IFRS 17 implementation.

Implementation Challenges and Best Practices

  • Operational and technological hurdles.
  • Fostering cross-functional collaboration and governance.
  • Insights gained from early adopters.

Maintaining Compliance and Long-Term Sustainability

  • Keeping pace with evolving standards to ensure compliance.
  • Tracking contract performance under IFRS 17.
  • Strategic adaptations to enhance transparency and market competitiveness.

Conclusion and Recommended Next Steps

Requirements

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

Target Audience

  • Insurance underwriters and carriers.
  • Financial controllers.
  • Analysts.
  • Actuaries.
  • Auditors.
  • Accountants and other finance specialists.

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