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 Duration 21 hours

Course Outline

Introduction to IFRS 17

  • Objective and scope of IFRS 17.
  • Core concepts and definitions.
  • Comparative analysis with IFRS 4.

Accounting for Insurance Contracts under IFRS 17

  • Identification and classification of insurance contracts.
  • Considerations for units 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).

Financial Reporting and Disclosure Standards

  • Presentation of insurance contracts within financial statements.
  • Specific disclosure obligations under IFRS 17.
  • Data and system infrastructure needed for compliance.

Evaluating the Impact of IFRS 17

  • Effects on financial performance and profitability metrics.
  • Influence on insurers’ capital structure and risk management strategies.
  • Review of case studies demonstrating IFRS 17 implementation.

Implementation Challenges and Best Practices

  • Navigating operational and system-related obstacles.
  • Promoting cross-functional collaboration and governance.
  • Insights gained from early adopters.

Sustaining Compliance and Long-Term Viability

  • Maintaining adherence to evolving standards.
  • Ongoing monitoring of contract performance under IFRS 17.
  • Strategic modifications for enhanced transparency and competitiveness.

Summary and Future Steps

Requirements

  • Fundamental understanding of accounting principles.
  • Practical experience with financial statements and reporting processes.
  • Familiarity with insurance or financial services is advantageous.

Target Audience

  • Insurance companies.
  • Controllers.
  • Financial Analysts.
  • Actuaries.
  • Auditors.
  • Accountants and finance professionals.

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