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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
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.