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Course Outline
Introduction to IFRS 17
- Purpose and scope of IFRS 17 for government entities
- Key concepts and definitions relevant to insurance contracts
- Comparison with IFRS 4, the previous standard
Insurance Contract Accounting under IFRS 17
- Identifying and classifying insurance contracts for government use
- Unit of account considerations and portfolio management
- Separating insurance and non-insurance components in compliance with IFRS 17
Measurement Models
- General Measurement Model (GMM) for assessing contract liabilities
- Premium Allocation Approach (PAA) for simpler contracts
- Variable Fee Approach (VFA) for contracts with variable payments
Financial Reporting and Disclosures
- Presentation of insurance contracts in financial statements for government entities
- Disclosure requirements under IFRS 17 to ensure transparency
- Data and system requirements necessary for compliance with IFRS 17
Analyzing the Impact of IFRS 17
- Impact on financial performance and profitability for government entities
- Effects on insurers’ capital management and risk assessment
- Case studies demonstrating the application of IFRS 17 in various contexts
Implementation Challenges and Best Practices
- Operational and system challenges faced during implementation for government entities
- Cross-functional collaboration and governance structures to ensure compliance
- Lessons learned from early adopters of IFRS 17 in the public sector
Ensuring Compliance and Long-Term Sustainability
- Maintaining compliance with evolving standards for government entities
- Monitoring contract performance under IFRS 17 to ensure ongoing accuracy
- Strategic adjustments for transparency and competitiveness in the public sector
Summary and Next Steps for government entities
Requirements
- A comprehensive understanding of accounting principles
- Practical experience with financial statements and reporting processes
- Knowledge of the insurance or financial services sectors is advantageous
Audience for Government
- Insurers
- Controllers
- Analysts
- Actuaries
- Auditors
- Accountants and finance professionals
21 Hours
Testimonials (5)
Experience of the trainer and his way of conveying the content
Roggli Marc - Bechtle Schweiz AG
Course - FinOps
i like that it was easy to understand - not too technical
Kirthanya Pillay - Woolworths Financial Services
Course - FinOps Certified Practitioner (FOCP) Preparation
he was informative, shared a lot of material to reference
Siphokazi Mnyebeleza
Course - FinOps For Engineers
Personal service and orientated to my needs
ANN - New Vitality Clinic
Course - GnuCash for Business Accounting
The lecturer is very knowledgeable and can substantiate theories with his own personal experiences.