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 Duration 21 hours

Course Outline

Overview of IFRS 17

  • Objectives and applicability of IFRS 17
  • Fundamental concepts and terminology
  • Differences from IFRS 4

Accounting for Insurance Contracts under IFRS 17

  • Identification and categorization of insurance contracts
  • Determining the unit of account and portfolio factors
  • Distinguishing insurance and non-insurance elements

Measurement Approaches

  • General Measurement Model (GMM)
  • Premium Allocation Approach (PAA)
  • Variable Fee Approach (VFA)

Financial Reporting and Disclosure Obligations

  • Presentation of insurance contracts within financial statements
  • Mandatory disclosures under IFRS 17
  • Data and system prerequisites for adherence

Evaluating the Consequences of IFRS 17

  • Effects on financial outcomes and profitability
  • Influence on insurer capital and risk oversight
  • Illustrative examples of IFRS 17 implementation

Implementation Hurdles and Recommended Practices

  • Operational and technical system obstacles
  • Inter-departmental cooperation and governance structures
  • Insights from early adopters

Sustaining Compliance and Long-Term Viability

  • Upholding compliance with changing standards
  • Tracking contract performance in line with IFRS 17
  • Strategic refinements for transparency and market competitiveness

Recap and Future Actions

Requirements

  • Familiarity with core accounting principles
  • Proficiency in financial statement analysis and reporting
  • Background knowledge in insurance or financial services is advantageous

Target Audience

  • Insurance carriers
  • Financial controllers
  • Analysts
  • Actuaries
  • Auditors
  • Accountants and finance specialists

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