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Duration 21 hours
Course Outline
Overview of IFRS 17
- Objectives and applicable scope of IFRS 17
- Core concepts and key terminology
- Contrast between IFRS 17 and the previous IFRS 4
Accounting for Insurance Contracts per IFRS 17
- Recognition and categorization of insurance contracts
- Defining the unit of account and portfolio nuances
- Distinction between insurance and non-insurance elements
Valuation Frameworks
- General Measurement Model (GMM)
- Premium Allocation Approach (PAA)
- Variable Fee Approach (VFA)
Reporting and Disclosure Standards
- Presentation of insurance liabilities in financial reports
- Specific disclosure obligations under IFRS 17
- Data infrastructure and system needs for regulatory adherence
Evaluating the IFRS 17 Effect
- Consequences for financial results and profit metrics
- Implications for insurers’ capital structure and risk oversight
- Real-world examples of IFRS 17 execution
Implementation Hurdles and Optimal Strategies
- Operational and technological obstacles
- Fostering cross-departmental teamwork and governance
- Insights derived from organizations that implemented early
Sustaining Compliance and Long-Term Stability
- Staying compliant with evolving regulatory standards
- Tracking contract outcomes in line with IFRS 17
- Strategic moves to enhance clarity and market competitiveness
Recap and Future Directions
Requirements
- A solid grasp of fundamental accounting principles
- Familiarity with financial statements and reporting processes
- Background knowledge in insurance or financial services is advantageous
Target Audience
- Insurance companies
- Financial controllers
- 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.