IFRS 17 Insurance Contracts: Comprehensive Implementation

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