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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
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.