IFRS 17 Insurance Contracts (Half day)

Speaker:   |  CPD Hours: 3

Price £345 plus VAT

New dates coming soon.

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.

This half day IFRS 17 (half day) training course will revolve around a numerical review of the basics of the general accounting model for insurance contracts followed by a consideration and discussion of the main areas of difficulty that in practice will arise in applying the model to insurance contracts.

Learning outcomes

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

  • Demonstrate a working knowledge of the basic elements of the general accounting model applied by IFRS 17
  • Articulate the key numbers that will be presented in the statements of profit or loss and financial position and how different they are to those under current practice
  • Communicate to others the story that the IFRS 17 numbers are telling
  • Explain the main areas of difficulty that will most likely arise in practice
  • Demonstrate the timetable for transition to IFRS 17 and the options permitted for achieving that

CONTENT

Introductions, objectives, background and scope

  • Introductions and course objectives
  • Background to IFRS 17
  • Scope exclusions

Out with the old and bring in the new – the basics of the IFRS 17 general model and premium allocation alternative explained

  • Worked example illustrating the difference between previous and IFRS 17 reporting practice
  • Discussion of the main inputs and their variability
  • Outline of the premium allocation approach and when it can be used

Identifying insurance contracts and initial recognition issues

  • How to identify insurance contracts
  • Separation of non-insurance elements
  • Portfolios, cohorts and groups- how to arrive at the unit of account

Review and discussion of problem areas that will arise in practice in applying the general model

  • Discounting and the time value of money
  • Changes in the cash flow estimates and the NFRA
  • Reinsurance
  • Contracts with participation features

Transitional rules

  • An overview of the IFRS 17 approaches available

Disclosure

  • An overview of the IFRS 17 disclosure framework

WHO SHOULD ATTEND

Anyone needing an overview of this standard particularly the finance department, to legal teams, sales departments, etc.

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