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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.
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.