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Duration 21 hours
Course Outline
Overview of IFRS 17
- The intent and scope of the standard
- Fundamental concepts and terminology
- Key differences from the previous IFRS 4
Accounting for Insurance Contracts under IFRS 17
- Techniques for identifying and categorizing insurance contracts
- Defining units of account and portfolio grouping
- Distinguishing and separating insurance from non-insurance elements
Measurement Frameworks
- The General Measurement Model (GMM)
- The Premium Allocation Approach (PAA)
- The Variable Fee Approach (VFA)
Financial Reporting and Disclosure Standards
- Displaying insurance contracts within financial statements
- Specific disclosure obligations under IFRS 17
- Data infrastructure and system requirements for adherence
Assessing the Effects of IFRS 17
- Implications for financial results and profit margins
- Influence on insurer capital structures and risk oversight
- Real-world case studies demonstrating IFRS 17 usage
Implementation Hurdles and Best Practices
- Addressing operational and technical system obstacles
- Fostering cross-departmental cooperation and governance
- Insights gained 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
Course Wrap-Up and Recommended Path Forward
Requirements
- A solid grasp of core accounting principles.
- Familiarity with financial statement preparation and reporting standards.
- Background knowledge in insurance or financial services, which is highly advantageous.
Target Audience
- Insurance company professionals.
- Finance controllers.
- Financial analysts.
- Actuaries.
- Auditors.
- Accountants and broader finance teams.
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.
