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Course Outline
Overview of IFRS 17 Standards
- Objectives and applicable scope of IFRS 17
- Fundamental terminology and definitions
- Distinctions between IFRS 17 and prior IFRS 4 guidance
Accounting for Insurance Contracts under IFRS 17
- Identification and classification of insurance contracts
- Determination of the unit of account and portfolio aggregation
- Separation of insurance and non-insurance components
Measurement Methodologies
- General Model (GMM) application
- Premium Allocation Approach (PAA) criteria
- Variable Fee Approach (VFA) for direct participating contracts
Financial Reporting and Disclosure Obligations
- Presentation of insurance contract assets and liabilities in financial statements
- Mandatory disclosure requirements under IFRS 17 for government reporting frameworks
- Data infrastructure and system capabilities required for regulatory compliance
Assessment of IFRS 17 Implications
- Effects on financial performance metrics and profitability analysis
- Influence on capital adequacy and risk management practices for insurance entities
- Examination of application examples from early adopters
Implementation Hurdles and Strategic Best Practices
- Technical and operational integration challenges
- Interdepartmental coordination and oversight mechanisms
- Key insights derived from initial implementation phases
Sustaining Compliance and Operational Resilience
- Ongoing adherence to evolving accounting standards
- Continuous monitoring of contract performance metrics under IFRS 17
- Strategic initiatives to enhance transparency and market competitiveness for government stakeholders
Conclusion and Future Actions
Requirements
- Proficiency in accounting standards and practices
- Demonstrated experience preparing financial statements and reporting materials for government entities
- Familiarity with insurance or financial services regulations is advantageous
Target Audience
- Insurance carriers and regulatory bodies
- Financial Controllers
- Data Analysts
- Actuaries
- Auditors
- Accountants and finance professionals
21 Hours
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.