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

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