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 Duration 21 hours

Course Outline

IFRS 17 Overview

  • Objectives and applicability of IFRS 17
  • Core concepts and terminology
  • Differences compared to IFRS 4

Accounting for Insurance Contracts per IFRS 17

  • Identification and categorization of insurance contracts
  • Unit of account and portfolio-level considerations
  • Distinguishing insurance from non-insurance components

Measurement Approaches

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

Financial Reporting and Disclosure Requirements

  • Display of insurance contracts in financial statements
  • Mandatory disclosures under IFRS 17
  • Data and infrastructure requirements for compliance

Assessing the Implications of IFRS 17

  • Effects on financial outcomes and profitability
  • Influence on insurer capital and risk management strategies
  • Review of IFRS 17 implementation case studies

Implementation Hurdles and Best Practices

  • Operational and technological challenges
  • Fostering cross-departmental cooperation and governance
  • Insights gained from early implementers

Sustaining Compliance and Long-Term Viability

  • Keeping pace with evolving standards for compliance
  • Tracking contract performance in line with IFRS 17
  • Strategic modifications to enhance transparency and market competitiveness

Concluding Summary and Future Actions

Requirements

  • Foundational knowledge of accounting principles
  • Proficiency in financial statements and reporting processes
  • Familiarity with insurance or financial services is advantageous

Target Audience

  • Insurers
  • Controllers
  • Analysts
  • Actuaries
  • Auditors
  • Accountants and finance specialists

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