IFRS 17 Insurance Contracts Course

This insurance courseis designed to help kick off the processes related to IFRS 17. It is aimed at not only preparers and users of accounts but also implementation team members and will help them get to grips with IFRS 17 by providing, at the very least, initial working knowledge of the rules, how the numbers are constructed and presented and the story that they are telling.

Key Features:

• Minimize the learning curve for getting up to speed on IFRS 17
• Appreciate the major technical differences between the existing IFRS 4 and IFRS 17 requirements
• Evaluate the significant impact of these differences through the use of real-world financial statements
• Providing a vital first-time appreciation of IFRS 17 that will help to plan ahead for its implementation
• Evaluate the method and timetable for transition to IFRS 17

Outline:

• Introduction of IFRS 17
• General Measurement Model
• Best Estimate of Fulfillment Cash Flows
• Discounting
• Risk Adjustment
• Contractual Service Margin
• Presentation of Financial Statements
• Level of Aggregation
• Initial Recognition
• Onerous Contracts
• Contract Boundary
• OCI Option
• Premium Allocation Approach
• Variable Fee Approach
• Reinsurance
• Implementation Considerations - Transition Approaches
• Exercises/Case studies on GMM, PAA, VFA and Reinsurance

Prerequisites:

• An awareness of basic accounting principles applied by any national set of standards.
• No advance preparation is required for this course.

Who Should Attend:

• This course is designed for those who wish to lea about the critical technical differences between the accounting and reporting requirements of existing IFRS 4 (and industry practice) and IFRS 17.
• It will be highly relevant to finance, risk, and actuarial team members preparing for the changes in insurance contract accounting practice.
• The course is designed for executive officers, industry controllers, analysts, actuaries, auditors, and finance professionals who wish to gain a working knowledge of this large new standard.

Please note that this training is from an accounting perspective. If you are an actuary or a modelling consultant, you may also be interested in IFRS 17 Implementation and Actuarial Challenges Masterclass.