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Duration 21 hours
Course Outline
Overview of IFRS 17
- Objectives and applicability of IFRS 17
- Core concepts and terminology
- Differences from IFRS 4
Accounting for Insurance Contracts under IFRS 17
- Identification and classification of insurance contracts
- Units of account and portfolio grouping considerations
- Distinguishing insurance from non-insurance elements
Measurement Frameworks
- General Measurement Model (GMM)
- Premium Allocation Approach (PAA)
- Variable Fee Approach (VFA)
Financial Reporting and Disclosure Requirements
- Presentation of insurance contracts in financial statements
- Specific disclosure mandates under IFRS 17
- Data infrastructure and system needs for adherence
Evaluating IFRS 17 Implications
- Influence on financial results and profitability metrics
- Consequences for insurer capital positions and risk oversight
- Practical examples of IFRS 17 adoption
Execution Challenges and Recommended Practices
- Operational and technological hurdles
- Cross-departmental cooperation and governance structures
- Insights from organizations that adopted early
Sustaining Compliance and Long-Term Viability
- Keeping pace with evolving regulatory standards
- Tracking contract performance in line with IFRS 17
- Strategic moves to enhance transparency and market competitiveness
Recap and Future Actions
Requirements
- A solid grasp of fundamental accounting principles
- Familiarity with financial statements and reporting processes
- Background knowledge in insurance or financial services is advantageous
Target Audience
- Insurance companies
- Controllers
- Financial analysts
- Actuaries
- Auditors
- Accountants and finance specialists
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.