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 Duration 21 hours

Course Outline

Introduction to IFRS 17

  • The purpose and scope defined by IFRS 17.
  • Core concepts and key definitions.
  • A comparative analysis with the previous standard, IFRS 4.

Accounting for Insurance Contracts under IFRS 17

  • Techniques for identifying and categorizing insurance contracts.
  • Considerations regarding the unit of account and portfolio grouping.
  • Distinguishing between insurance and non-insurance components.

Measurement Frameworks

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

Financial Reporting and Disclosure Requirements

  • How insurance contracts are presented within financial statements.
  • Specific disclosure obligations mandated by IFRS 17.
  • Data infrastructure and system needs required for full compliance.

Assessing the Impact of IFRS 17

  • Consequences for financial performance and profitability metrics.
  • Implications for insurer capital structures and risk management strategies.
  • Review of real-world case studies involving IFRS 17 adoption.

Navigating Implementation Hurdles and Best Practices

  • Addressing operational bottlenecks and system-related challenges.
  • Fostering cross-departmental collaboration and robust governance.
  • Insights and lessons drawn from early adopters of the standard.

Sustaining Compliance and Long-Term Viability

  • Staying aligned with evolving regulatory standards.
  • Ongoing monitoring of contract performance under IFRS 17.
  • Making strategic adjustments to maintain transparency and market competitiveness.

Summary and Recommended Next Steps

Requirements

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

Target Audience

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

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