IFRS 17 (International Financial Reporting Standard)

• An understanding of basic accounting principles

Audience

• Insurers
• Controllers
• Analysts
• Actuaries
• Auditors
• Accountants and other finance professionals

IFRS 17 is the International Financial Reporting Standard on accounting for insurance contracts. Issued in May 2017, it becomes effective on 1 January 2021. IFRS 17 replaces IFRS 4.

This instructor-led, live training (online or onsite) is aimed at managers who wish to gain a working understanding the IFRS 17 standard.

By the end of this training, participants will be able to:

• Identify the key requirements of IFRS 17.
• Know the differences between IFRS 17 and IFRS 4.
• Understand IFRS rules.
• Understand financial models and their numbers.
• Dissect and understand different types of insurance contracts and accounting models.
• Prepare a well-informed transition plan and schedule.
• Implement IFRS 17 within an organization.
• Identify and measure insurance contract performance.

Format of the Course

• Interactive lecture and discussion.
• Lots of exercises and practice.
• Hands-on implementation in a live-lab environment.

Course Customization Options

• To request a customized training for this course, please contact us to arrange.

Introduction

• The path from IFRS 4 to IFRS 17

Overview of IFRS 17

• Changes from IFRS 4 to IFRS 4

Insurance Contracts

• Reading an Insurance Contract
• Separating out non-insurance items
• Identifying insurance risk
• Organizing contracts into units of account and portfolios

Financial Statements

• Understanding the General Measurement Model
• Grouping entries into blocks
• Other accounting models
• Disecting a real-world financial statement

Measurement Approaches

• Initial recognition
• Subsequent measurement
• Premium allocation approach

Managing Contract Types

• Reinsurance contracts
• Direct participation contracts
• Discretionary participation contracts
• Modified contracts
• Derecognition of an insurance contract

Transitional Rules and Approaches

• Fully retrospective
• Modified retrospective
• Fair value

Disclosures

• Understanding the disclosure regime in IFRS 17
• New data requirements
• Other compliance issues

Transitioning to IFRS 17

• Assessing the scope of an IFRS 17 transition
• Putting together an implementation team
• Preparing a transition plan
• Creating and maintaining a schedule

Transparency and Profitability

• Identifying and measuring insurance contract performance
• Improving transparency in contracts and reporting
• Increasing the profitability of an insurance company

Summary and Conclusion