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 Duration 21 hours

Course Outline

Introduction to IFRS 17

  • The objectives and scope of IFRS 17
  • Fundamental concepts and key definitions
  • Differences and comparisons with IFRS 4

Accounting for Insurance Contracts under IFRS 17

  • Identification and classification of insurance contracts
  • Considerations regarding units of account and portfolios
  • Distinguishing and separating insurance from non-insurance components

Measurement Approaches

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

Financial Reporting and Disclosures

  • Presentation methods for insurance contracts in financial statements
  • Specific disclosure requirements under IFRS 17
  • Data infrastructure and system requirements for effective compliance

Assessing the Impact of IFRS 17

  • Effects on financial performance and profitability metrics
  • Influence on insurer capital structure and risk management strategies
  • Review of case studies demonstrating IFRS 17 application

Implementation Challenges and Best Practices

  • Addressing operational and technological system challenges
  • Fostering cross-functional collaboration and governance structures
  • Key insights and lessons from early adopters

Maintaining Compliance and Long-Term Sustainability

  • Staying compliant with evolving accounting standards
  • Continuous monitoring of contract performance in line with IFRS 17
  • Strategic adjustments to enhance transparency and maintain competitiveness

Recap and Future Steps

Requirements

  • Solid grasp of fundamental accounting principles
  • Practical experience with financial statements and reporting cycles
  • Familiarity with insurance or financial services industries is advantageous

Target Audience

  • Insurance companies and insurers
  • Financial controllers
  • Financial and business analysts
  • Actuaries
  • Auditors
  • Accountants and finance specialists

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