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Duration 21 hours
Course Outline
Foundations of IFRS 17
- The objectives and scope of IFRS 17
- Core concepts and key definitions
- Contrasting IFRS 17 with the previous IFRS 4 standard
Accounting for Insurance Contracts under IFRS 17
- Distinguishing and categorizing insurance contracts
- Considerations regarding the unit of account and portfolio grouping
- Decoupling insurance elements from non-insurance components
Measurement Methodologies
- General Measurement Model (GMM)
- Premium Allocation Approach (PAA)
- Variable Fee Approach (VFA)
Financial Reporting and Disclosure Obligations
- Displaying insurance contracts within financial statements
- Specific disclosure mandates under IFRS 17
- Data infrastructure and system prerequisites for compliance
Evaluating the Effects of IFRS 17
- Consequences for financial results and profitability metrics
- Implications for insurers' capital adequacy and risk management strategies
- Real-world case studies illustrating IFRS 17 application
Navigating Implementation Hurdles and Optimal Practices
- Operational and technological system obstacles
- Fostering cross-departmental cooperation and governance frameworks
- Insights gained from organizations that adopted the standard early
Maintaining Compliance and Long-Term Viability
- Sustaining adherence to changing accounting standards
- Tracking contract performance metrics in line with IFRS 17
- Making strategic modifications to enhance transparency and market competitiveness
Key Takeaways and Future Directions
Requirements
- A solid grasp of fundamental accounting principles
- Practical experience with financial reporting and statement preparation
- Familiarity with insurance or financial services sectors is advantageous
Target Audience
- Insurance companies
- Financial controllers
- Financial analysts
- Actuaries
- Internal and external auditors
- Accountants and other 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.