IFRS 17: Application and Compliance Training Course

Introduction to IFRS 17

• Purpose and scope of IFRS 17 for government entities and private sector organizations.
• Key concepts and definitions relevant to insurance contract accounting under IFRS 17.
• Comparison with the existing IFRS 4, highlighting significant differences and implications.

Insurance Contract Accounting under IFRS 17

• Identifying and classifying insurance contracts to ensure accurate financial reporting for government and other entities.
• Unit of account and portfolio considerations, including the criteria for grouping similar contracts.
• Separation of insurance and non-insurance components to reflect their distinct economic features in financial statements.

Measurement Models

• General Measurement Model (GMM) for evaluating the financial impact of insurance contracts over their lifecycle.
• Premium Allocation Approach (PAA) for simplified measurement of certain types of insurance contracts.
• Variable Fee Approach (VFA) for managing contracts with performance risk and variable payments.

Financial Reporting and Disclosures

• Presentation of insurance contracts in financial statements to ensure transparency and accountability for government entities.
• Disclosure requirements under IFRS 17, including the necessary information to assess the nature, amount, timing, and uncertainty of future cash flows.
• Data and system requirements for compliance with IFRS 17, ensuring robust financial reporting processes for government organizations.

Analyzing the Impact of IFRS 17

• Impact on financial performance and profitability, including changes in revenue recognition and expense allocation for government entities.
• Effects on insurers’ capital and risk management, with a focus on regulatory compliance and financial stability for government operations.
• Case studies of IFRS 17 application, providing insights into practical implementation challenges and solutions for government organizations.

Implementation Challenges and Best Practices

• Operational and system challenges in adopting IFRS 17, including data management and technology upgrades for government entities.
• Cross-functional collaboration and governance structures to ensure effective implementation of IFRS 17 for government organizations.
• Lessons learned from early adopters, offering valuable insights and best practices for government entities transitioning to IFRS 17.

Ensuring Compliance and Long-Term Sustainability

• Maintaining compliance with evolving standards to ensure ongoing adherence to IFRS 17 for government entities.
• Monitoring contract performance under IFRS 17 to identify and address potential issues in financial reporting for government organizations.
• Strategic adjustments for transparency and competitiveness, ensuring that government entities can effectively communicate their financial position and performance.

Summary and Next Steps