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Course Outline

Introduction to IFRS 17

  • Understanding the purpose and scope of IFRS 17
  • Core concepts and essential definitions
  • Key differences between IFRS 17 and the legacy IFRS 4

Accounting for Insurance Contracts under IFRS 17

  • Identifying and classifying insurance contracts correctly
  • Defining the unit of account and managing portfolio considerations
  • Separating insurance components from non-insurance components

Measurement Models

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

Financial Reporting and Disclosure Obligations

  • Presenting insurance contracts within financial statements
  • Meeting specific disclosure requirements under IFRS 17
  • Understanding data infrastructure and system requirements for compliance

Assessing the Impact of IFRS 17

  • Evaluating effects on financial performance and profitability
  • Analyzing implications for insurers’ capital and risk management strategies
  • Reviewing case studies on practical IFRS 17 implementation

Implementation Challenges and Best Practices

  • Addressing operational and system integration challenges
  • Fostering cross-functional collaboration and effective governance
  • Learning from the experiences of early adopters

Sustaining Compliance and Long-Term Success

  • Maintaining ongoing compliance as standards evolve
  • Monitoring contract performance under IFRS 17 guidelines
  • Making strategic adjustments to ensure transparency and competitiveness

Course Summary and Next Steps

Requirements

  • Solid understanding of fundamental accounting principles.
  • Practical experience with financial statement preparation and reporting processes.
  • Prior knowledge of the insurance or financial services sector is advantageous.

Target Audience

  • Insurance companies
  • Controllers
  • Financial analysts
  • Actuaries
  • Auditors
  • Accountants and finance professionals
 21 Hours

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