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IFRS 17 Insurance Contract Accounting Workshop (2 days)

IASeminars
Course summary
Length: 2 days
Price: 2,200 EUR, 2,500 CAD, 1,750 GBP
Provider: IASeminars plus
Course type: Open / Scheduled
Next available date: 24/09/2018 - Toronto
Course Dates
Toronto
24/09/2018  
2,500 CAD
London
27/09/2018  
1,750 GBP
Zurich
10/12/2018  
2,200 EUR

Course description

Course description

IFRS 17 Insurance Contract Accounting Workshop (2 days)

There are more than a few eye-catching headliners around about IFRS 17 – "a whole new perspective", "a game changer", "a light shining through darkness", "the dawn of a new era" - all of which, of course are true.

IFRS 17 is a big, new standard for a big, old industry. It changes fundamentally the way in which an insurance entity reports its financial dimensions and results for a given period and over time. After investing 20 or so years of development effort into IFRS 17, the IASB are highly confident in their expectation that it will bring greater transparency and comparability about the profitability of both new and existing insurance contract business. The requirement to report the insurance and financial result separately will not only help to achieve this expectation but will also provide analysts and others with better information about the overall quality of insurance entity earnings.

The impact on individual insurance entities will be highly variable depending on their previous policies and practice, and the nature of the insurance business they contract, especially whether it is short tailed or life. There will consequently be many and varied impacts on the reported numbers and metrics.

Preparing for and implementing IFRS 17 will be problematic and challenging. It will require considerable effort to gain an initial understanding of the impact on the reported numbers as well as the upgrades to process and systems to ensure they can provide IFRS 17 compliant data. This will require, from an early stage, coordination and dialogue between functions such as Actuarial, Finance and IT in executing an IFRS 17 implementation project. Furthermore, dialogue with business users and investors should be early and extensive in order to minimise the possibility of and impact of any "unpleasant surprises".

Our course is designed to help kick off these processes. It is aimed at not only preparers and users of accounts but also implementation team members and will help them get to grips with IFRS 17 by providing, at the very least, an initial working knowledge of the rules, how the numbers are constructed and presented and the story that they are telling.

Suitability - Who should attend?

This course is designed for those who wish to learn about the critical technical differences between the accounting and reporting requirements of existing IFRS 4 (and industry practice) and IFRS 17. It will be highly relevant to finance and actuarial team members preparing for the changed in insurance contract accounting practice. The course is designed for executive officers, industry controllers, analysts, actuaries, auditors and finance professionals who wish to gain a working knowledge of this large new standard.

Outcome / Qualification etc.

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

  • Minimize the learning curve for getting up to speed on IFRS 17
  • Appreciate the major technical differences between the existing IFRS 4 and IFRS 17 requirements
  • Evaluate the significant impact of these differences through the use of real-world financial statements
  • Providing a vital first time appreciation of IFRS 17 that will help to plan ahead for its implementation
  • Evaluate the method and timetable for transition to IFRS 17.

Training Course Content

This course is designed to cover the key topics: 

  • Introductions, objectives and background
    • Introductions
    • Course objectives
    • The journey from IFRS 4 to IFRS 17
  • Scope and definitions
    • General definition
    • Scope exclusions
    • The vital issue of identifying insurance 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 modelexplained 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
    • Contract modifications
    • Derecognition
  • Transitional rules
    • Explanation and illustration of the 3 IFRS 17 approaches:
      • Fully retrospective
      • Modified retrospective
      • Fair value
  • IFRS 17 disclosure
    • A review of the key disclosures and identification new data requirements to comply

Expenses

The cost of this training course is £1,750. 

About provider

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IASeminars is an independent financial training company operating globally and specialising in international accountancy (IFRS & US GAAP, IPSAS). Originally founded in the UK in 2002, IASeminars has since expanded to become a successful worldwide organisation offering regular courses in...


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IASeminars

1 Westferry Circus
 Canary Wharf
E14 4HD London

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www.iaseminars.com