IFRS 17 Insurance Contracts in-depth (Two day)

Speaker:  Robert Phelps BA FCA  |  CPD Hours: 12

Price £1150 plus VAT

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OBJECTIVES

IFRS 17 changes fundamentally the way in which insurance contracts are accounted for over time. After investing 20 or so years of development effort into IFRS 17, the IASB expectation is that it will bring greater transparency about the profitability and financial position resulting from conducting insurance contract business.

Preparing for and implementing IFRS 17 is problematic and challenging, requiring considerable effort to gain an initial understanding of the impact on the reported numbers as well as identifying upgrades to processes and systems to ensure they can provide IFRS 17 compliant data.

A central feature of our course is the working through of detailed exercises in order to convey a knowledge of “how to do the numbers” which can then be applied in practice. Discussion of the various inputs will then follow logically from this core working knowledge.

Learning outcomes

By the end of the course participants will be able to:

  • Demonstrate a thorough working knowledge of the rules applied by IFRS 17
  • Articulate how the numbers are constructed and presented
  • Communicate to others the story that those numbers are telling
  • Appreciate the major differences between IFRS 4 and IFRS 17
  • Evaluate the method and timetable for transition to IFRS 17

CONTENT

Introductions, objectives and background

  • Introductions
  • Course objectives
  • The journey from IFRS 4 to IFRS 17

Scope and definitions

  • General definition
  • Scope exclusions
  • Identifying insurance risk (as distinct from financial risk)

Determining the unit of account – aggregation and groups of contracts

  • The level of aggregation
  • Initial recognition – basic rule
  • Modifications

IFRS 17 measurement and presentation – the general model

  • The general model explained step by step with worked examples
  • Modifications for:
    • Contracts with direct participation features
    • Contracts with discretionary participation features
    • Reinsurance contracts held

IFRS 17 measurement and presentation – the premium allocation approach

  • Eligibility
  • The PAA explained step by step with worked examples

Other topics

  • Contracts with participation features
  • Contract modifications
  • Derecognition

Transitional rules

  • Explanation and illustration of the IFRS 17 approaches:
    • Fully retrospective
    • Modified retrospective
    • Fair value

IFRS 17 disclosure

A review of the key disclosures and identification of new data requirements to comply

WHO SHOULD ATTEND

Anyone needing a comprehensive understanding of this standard particularly the finance department, to legal teams, sales departments, etc.

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