Course Overview
Course Description
This intensive 5-day course provides a comprehensive understanding of IFRS 17 Insurance Contracts. Participants will gain in-depth knowledge of the standard's principles, measurement models, and practical implementation challenges. The course covers recognition, measurement, presentation, and disclosure requirements for insurance contracts.
Learning Objectives
- Understand the scope, key definitions, and principles of IFRS 17
- Apply the General Measurement Model and other measurement approaches
- Implement the presentation and disclosure requirements of IFRS 17
- Analyze the impact of IFRS 17 on financial statements and key performance indicators
- Develop strategies for successful implementation and transition to IFRS 17
Course Modules
Day 1: Introduction to IFRS 17
- Overview and objectives of IFRS 17
- Scope and key definitions
- Insurance contract components and separation
- Level of aggregation and contract boundaries
Day 2: General Measurement Model
- Fulfilment cash flows
- Discounting and risk adjustment
- Contractual Service Margin (CSM)
- Subsequent measurement and profit recognition
Day 3: Other Measurement Approaches
- Premium Allocation Approach (PAA)
- Variable Fee Approach (VFA)
- Reinsurance contracts held
- Modification and derecognition
Day 4: Presentation and Disclosure
- Statement of financial position
- Statement of financial performance
- Disclosure requirements
- Transition approaches
Day 5: Implementation and Impact Analysis
- Implementation challenges and solutions
- Impact on financial statements and KPIs
- Data and system requirements
- Transition planning and project management
Practical Wins for Participants
- Ability to navigate complex IFRS 17 requirements confidently
- Skills to apply appropriate measurement models to different contract types
- Expertise in preparing IFRS 17 compliant financial statements and disclosures
- Strategies for successful IFRS 17 implementation in their organizations
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