IFRS 17- Insurance Contracts Training

IFRS 17- Insurance Contracts Training

Course Features

  • Certificate: Yes
  • Course Capacity: 15
  • Skill Level: Advanced
  • CPE Hours: 16


Course Overview

This workshop will focus on accounting for insurance contracts as per IFRS 17 and IFRS 9 for Insurers that come into effect on 1 January 2022.
Currently, there are several accounting practices for similar insurance contracts. There have been substantial efforts put into the development of IFRS 17 to ensure that insurers reflect the effect of economic changes in their financial statements in a timely and transparent way. This will provide improved information about the current and future profitability of insurers, improve global comparability of financial statements, and enhance the quality of financial information.

Participants are expected to have a basic understanding of financial statements.

Recorded Videos of the Course will be available for the participants after the Live Interactive session for limited time period.

Key Takeaways for Participants:

At the end of the course, participants will be equipped to:

  1. Understand the changes in IFRS 17 from the current IFRS 4 Insurance Contracts
  2. Minimize the learning curve for getting up to speed on IFRS 17
  3. Appreciate the accounting methodology prescribed in IFRS 17 and evaluate its impact on financial statements
  4. Understand the transition requirements in IFRS 17
  5. Analyze the presentation and disclosure requirements in the financial statements
  6. Understand the requirements for transition to IFRS 9 Financial Instruments for insurance companies
  7. Evaluate the significant impact of these differences through the use of real-world financial statements
  8. Providing a vital first-time application of IFRS 17 and IFRS 9 that will help to plan ahead for its implementation

Who should attend (Participants):

The course is designed for those who would like to gain an understanding of the requirements of IFRS 17 and its impact on the financial statements. It would be beneficial for those working in finance, risk, and actuarial teams involved in the implementation of IFRS 17 as well as management, analysts, and others who would like to know the impact of the standard on financial statements.

Program Outline

Module 1 – IFRS 17 overview
  1. Introduction
  2. Scope of IFRS 17
  3. Measurement
  4. Presentation and disclosures
  5. Transition
  6. IFRS 4 and IFRS 9 considerations
Module 2 – General measurement model (Building Block Approach)
  1. Fulfilment cash flows
  2. Discount rates
  3. Risk adjustment
  4. Contractual service margin
  5. Onerous contracts
Module 3 – Premium Allocation Approach
  1. Eligibility
  2. Liability for remaining coverage
  3. Liability for incurred claims
  4. Comparison with the General model
  5. Current practices and gaps
Module 4 – Variable Fee Approach
  1. Eligibility
  2. Comparison with the General model
  3. Current practices and gaps
Module 5 – Reinsurance contracts
  1. Definitions and application
  2. Discount rates
  3. Risk Adjustment
  4. Contractual service margin
  5. Comparison with the General Model
  6. Current practices and gaps
Module 6 – Transition to IFRS 17
  1. Retrospective approach
  2. Modified approach
  3. Fair value approach
  4. Transition planning
Module 7 – Presentations and Disclosures
  1. Current Practices Vs. IFRS 17 requirements
  2. Statement of Financial Performance under IFRS 17
  3. Statement of Financial Position under IFRS 17
  4. Disclosures of recognised amounts
  5. Disclosure of significant judgements
  6. Disclosure of risks
Module 8 – Interaction with IFRS 9
  1. Interaction with IFRS 9
  2. Classification and measurement
  3. Impairment and hedging
  4. Embedded derivatives

After the Training Get 1 hour Free Consultancy from ABN Academy IFRS 17 Training Expert on IFRS 17 Compliance Road Map!

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