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Duration 21 hours
Course Outline
IFRS 17 Fundamentals
- Objectives and extent of IFRS 17
- Core concepts and terminology
- Contrasting IFRS 17 with IFRS 4
Accounting for Insurance Contracts under IFRS 17
- Recognition and categorization of insurance contracts
- Determining the unit of account and portfolio dynamics
- Distinguishing between insurance and non-insurance elements
Valuation Methodologies
- General Measurement Model (GMM)
- Premium Allocation Approach (PAA)
- Variable Fee Approach (VFA)
Reporting and Disclosure Standards
- Displaying insurance contracts within financial statements
- Mandatory disclosures under IFRS 17
- Data and system prerequisites for regulatory adherence
Evaluating the Effects of IFRS 17
- Influence on financial outcomes and profit margins
- Implications for insurer capital adequacy and risk oversight
- Illustrative examples of IFRS 17 application
Adoption Hurdles and Optimal Practices
- Operational and technological obstacles
- Inter-departmental cooperation and governance structures
- Insights from organizations that adopted IFRS 17 early
Sustaining Compliance and Long-Term Viability
- Staying current with evolving reporting standards
- Tracking contractual performance in line with IFRS 17
- Strategic enhancements for clarity and market competitiveness
Recap and Future Actions
Requirements
- A solid grasp of fundamental accounting principles
- Practical experience with financial statements and reporting processes
- Familiarity with the insurance or financial services sector is advantageous
Target Audience
- Insurance companies
- Financial controllers
- Financial analysts
- Actuaries
- Auditors
- Accountants and financial 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.