This two-day course will focus on accounting for insurance contracts as per IFRS 17. Currently, there are different accounting practices for similar insurance contracts.
DurationThis two-day course will focus on accounting for insurance contracts as per IFRS 17. Currently, there are different 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.
IFRS 17 was published by the International Accounting Standards Board in 2017, with amendments issued in 2020 to help companies implement the Standard and make it easier for them to explain their financial performance. The Standard is effective for annual periods beginning on or after 1 January 2023.
Key Learning Outcomes:
Understand the changes in IFRS 17 from the current IFRS 4 Insurance Contracts
Appreciate the accounting methodology prescribed in IFRS 17 and evaluate its impact on the financial statements
Understand the transition requirements in IFRS 17
Review the interaction with IFRS 17 Financial Instruments
Analyze the presentation and disclosure requirements in the financial statements
Who Should Attend
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 implementation of IFRS 17 as well as management, analysts, legal teams and others who would like to know the impact of the standard on the financial statements.
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The IASB’s standard, IFRS 15 is mandatory for periods beginning on or after 1 January 2018 with early application permitted.
What is IFRS? IFRS means International Financial Reporting Standards. They are issued by an independent body called as International Accounting Standards Board.
Managers and executives from the public sector, particularly those using or planning to use IPSAS and want to know acquire the tools needed to understand and apply the standards need to take this course.
This course will benefit anyone who is involved in the preparation or audit of financial information under IFRS Standards or FRS 101, as it provides an essential refresher on the application of IFRS Standards.
The preparation of financial statements using IFRS is a challenge for a lot of practitioners, not least because it is a regime which many encounter relatively rarely in practice.
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