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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.
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.