Overview
IFRS 17 is the International Financial Reporting Standard on accounting for insurance contracts. Issued in May 2017, it becomes effective on 1 January 2021. IFRS 17 replaces IFRS 4.
This instructor-led, live training (online or onsite) is aimed at managers who wish to gain a working understanding the IFRS 17 standard.
By the end of this training, participants will be able to:
- Identify the key requirements of IFRS 17.
- Know the differences between IFRS 17 and IFRS 4.
- Understand IFRS rules.
- Understand financial models and their numbers.
- Dissect and understand different types of insurance contracts and accounting models.
- Prepare a well-informed transition plan and schedule.
- Implement IFRS 17 within an organization.
- Identify and measure insurance contract performance.
Format of the Course
- Interactive lecture and discussion.
- Lots of exercises and practice.
- Hands-on implementation in a live-lab environment.
Course Customization Options
- To request a customized training for this course, please contact us to arrange.
Requirements
- An understanding of basic accounting principles
Audience
- Insurers
- Controllers
- Analysts
- Actuaries
- Auditors
- Accountants and other finance professionals
Course Outline
Introduction
- The path from IFRS 4 to IFRS 17
Overview of IFRS 17
- Changes from IFRS 4 to IFRS 4
Insurance Contracts
- Reading an Insurance Contract
- Separating out non-insurance items
- Identifying insurance risk
- Organizing contracts into units of account and portfolios
Financial Statements
- Understanding the General Measurement Model
- Grouping entries into blocks
- Other accounting models
- Disecting a real-world financial statement
Measurement Approaches
- Initial recognition
- Subsequent measurement
- Premium allocation approach
Managing Contract Types
- Reinsurance contracts
- Direct participation contracts
- Discretionary participation contracts
- Modified contracts
- Derecognition of an insurance contract
Transitional Rules and Approaches
- Fully retrospective
- Modified retrospective
- Fair value
Disclosures
- Understanding the disclosure regime in IFRS 17
- New data requirements
- Other compliance issues
Transitioning to IFRS 17
- Assessing the scope of an IFRS 17 transition
- Putting together an implementation team
- Preparing a transition plan
- Creating and maintaining a schedule
Transparency and Profitability
- Identifying and measuring insurance contract performance
- Improving transparency in contracts and reporting
- Increasing the profitability of an insurance company
Summary and Conclusion