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Duration 21 hours
Course Outline
Introduction to IFRS 17
- The objectives and scope of IFRS 17
- Fundamental concepts and definitions
- Key differences compared to IFRS 4
Insurance Contract Accounting under IFRS 17
- Identification and classification of insurance contracts
- Considerations regarding the unit of account and portfolios
- Distinguishing between insurance and non-insurance components
Measurement Models
- General Measurement Model (GMM)
- Premium Allocation Approach (PAA)
- Variable Fee Approach (VFA)
Financial Reporting and Disclosures
- Displaying insurance contracts within financial statements
- Disclosure mandates under IFRS 17
- Data and system needs for regulatory adherence
Analyzing the Impact of IFRS 17
- Influence on financial outcomes and profitability
- Consequences for insurers' capital position and risk management
- Case studies illustrating IFRS 17 application
Implementation Challenges and Best Practices
- Operational and technical system hurdles
- Fostering cross-functional teamwork and governance
- Insights gained from early adopters
Ensuring Compliance and Long-Term Sustainability
- Sustaining compliance as standards evolve
- Tracking contract performance in line with IFRS 17
- Strategic refinements for enhanced transparency and competitive advantage
Summary and Next Steps
Requirements
- A solid grasp of fundamental accounting principles.
- Practical experience with financial statements and reporting processes.
- Background knowledge in insurance or financial services is advantageous.
Target Audience
- Insurers
- Controllers
- 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.