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