IFRS 17 is a new accounting standard that introduces significant changes for insurers in the way they account for insurance contracts. This course provides a comprehensive understanding of IFRS 17 and its impacts on financial reporting for insurance companies.

Participants will learn about the major components of IFRS 17, including measurement models, reporting implications, policy changes, compliance requirements, system implementation challenges, and overall benefits. The course aims to equip participants with the expertise needed to navigate the complexities of IFRS 17 and ensure compliance within their organizations.

Topics List:

Overview and Objectives of IFRS 17
Key Changes from IFRS 4 to IFRS 17
Measurement Components of Insurance Contracts
Liability for Remaining Coverage (LFRC)
Liability for Incurred Claims (LFIC)
Asset for Insurance Contract Fulfillment (AFRC)
Acquisition, Renewal, and Incremental Costs (ARIC)
General Measurement Model (GMM)
Variable Fee Approach (VFA)
Premium Allocation Approach (PAA)
Impact on Profit and Loss and Balance Sheet
Contract Grouping and Onerous Contracts
Reinsurance Accounting under IFRS 17
Transition Strategies and System Integration
Implementation Challenges and Data Requirements
Reporting Enhancements and Key Financial Ratios
Regulatory and Industry Perspectives on IFRS 17
Best Practices for Compliance and Risk Management