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 Duration 21 hours

Course Outline

Overview of IFRS 17

  • Objectives and applicability of IFRS 17
  • Core concepts and terminology
  • Distinctions between IFRS 17 and IFRS 4

Accounting for Insurance Contracts in accordance with IFRS 17

  • Identification and categorization of insurance contracts
  • Accounting units and portfolio grouping
  • Decomposition of insurance and non-insurance elements

Measurement Frameworks

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

Financial Reporting and Disclosure Obligations

  • Presentation of insurance contracts in statutory financial statements
  • Disclosure mandates under IFRS 17
  • Data infrastructure and system requirements for regulatory compliance

Assessment of IFRS 17 Implications

  • Consequences for financial performance and profitability metrics
  • Influence on capital adequacy and risk management strategies
  • Application of IFRS 17 in practical scenarios

Implementation Hurdles and Best Practices

  • Operational and technological obstacles
  • Interdepartmental coordination and governance structures
  • Insights gained from early implementation experiences

Upholding Compliance and Long-Term Viability

  • Sustaining adherence to evolving regulatory standards
  • Oversight of contract performance under IFRS 17
  • Strategic modifications to enhance transparency and market competitiveness

Conclusions and Action Plan

Requirements

  • Proficiency in fundamental accounting principles
  • Experience with the preparation of financial statements and regulatory reporting
  • Knowledge of insurance or financial services operations is advantageous

Intended Audience

  • Insurance companies
  • Financial controllers
  • Analysts
  • Actuaries
  • Auditors
  • Accountants and finance professionals

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