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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

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