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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
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.