Course detail

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Contents

• Introduction
• Prerequisites
  
• Course Level
  
• Topics
  
• Course Benefits
  
• Teaching Method
  
• Continuing Professional Education
  
• Venue
  
  

Introduction

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In March 2004, the IASB issued IFRS 4 – the first international standard to deal specifically with insurance contracts - a stepping-stone towards the IASB’s longer-term insurance project. Since August 2004, the IASB has been working on Phase II of its insurance project alongside a working group of international experts drawn from preparers of financial statements, analysts, regulators and auditors. The IASB issued a Discussion Paper on Phase II in May of 2007, and now expects to publish an Exposure Draft in late 2009, with a view to publishing a final standard in 2011.

This one-day course reviews how the outcome of the Insurance Accounting Phase II project might affect the financial statements of insurers. It highlights major changes to current practice in IFRS, and also compares this to US GAAP current projects. The basis for the course is the Discussion Paper published in May of 2007, as well as IASB decisions and discussions held to date, supplemented by the professional experience of the instructors. Practical guidance and examples are presented to aid in understanding and to illustrate application of the potential new requirements.

Prerequisites

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Some familiarity with financial reporting for insurance companies or other financial institutions.
Exposure to the basic concepts outlined in IFRS 4.
No advance preparation is required for this course.

Course Level

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Update

Topics

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• Participation rights
• Measurement attributes for life and non life liabilities
• Policyholder participation rights
• Estimating future cash flows and related assumptions
• Risk margins and profit margins
• Embedded derivatives
• Unbundling of insurance contracts
• Contractual cash flows that depend on policyholder behavior
• Acquisition costs
• Gains on initial recognition
• Reinsurance

Course Benefits

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• Understand major implications of Phase II of the IASB Insurance Project
• Consider the critical accounting and reporting issues
• Benefit from expert explanations of key concepts such as fair value, exit value, risk margin, etc.
• See how fair valuation is applied under current and expected IFRS standards
• Consider the likely convergence of IFRS and national standards for insurance companies as well as convergence with the European solvency II project
• Obtain an overview of the position of the major players (CFO Forum, IAIS, etc.) on the measurement options

Teaching Method

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• Live group instruction, with interactive participation encouraged
• Up to date review of the Insurance Accounting Phase II project and Discussion Paper
• Interactive discussion of critical issues and accounting for anticipated changes
• Illustrative examples of presentation and disclosure
• All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Continuing Professional Education (CPE)

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8 hours

Venue

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All of our Dubai seminars take place in 4 star professional conference facilities, usually in city-centre downtown hotels like the Marriott, Sheraton or Hilton brands.

Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available.

Coffee and lunch will be provided.