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.
- Introductions, objectives and background
- 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
- 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
- The PAA explained step by step with worked examples
- Other topics
- Contract modifications
- Transitional rules
- Explanation and illustration of the 3 IFRS 17 approaches:
- Fully retrospective
- Modified retrospective
- Fair value
- Explanation and illustration of the 3 IFRS 17 approaches:
- IFRS 17 disclosure
- A review of the key disclosures and identification new data requirements to comply
- Group live instruction with interactive participation encouraged, cases, examples, group work and Course benefits open discussions
- Presentation and comparison of existing and new rules for insurance contract accounting
- Use of real-world and model financial statements and case studies to illustrate different practices
- Discussion of issues such as how to group insurance contracts, the forecasting of fulfilment cash flows and the different transitional approaches
- All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course material
- An awareness of basic accounting principles applied by any national set of standards.
- No advance preparation is required for this course.
- 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.
See what past participants said about this course:
Working through the exercises and calculating the solutions really helped me to understand the complexities of IFRS17.
Anneke Carolan, Financial Controller, Maiden Global Holdings Ltd, UK
Very good course, with a lot of exercises. So it is practical and very interesting to go deep in IFRS17 details.
Bruno Pereira, Senior Consultant, EBR Advisory
Highly satisfied with the way training is conducted by IASeminars.
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
CPE / CPD Accreditation
IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
Field of study: Accounting
ICAEW Partner in Learning
IASeminars is proud to have been named as an ICAEW Partner in Learning, working together to offer the ICAEW IFRS Certificate to our clients worldwide. ICAEW (The Institute of Chartered Accountants in England and Wales) is a world leading professional membership organisation that promotes, develops and supports over 145,000 chartered accountants worldwide. CPE certificates obtained from attending IASeminars courses are an ideal way for ICAEW members and others to demonstrate their continuing professional development, provided that the topic is relevant to their learning and development needs.
Texas State Board of Public Accountancy
IASeminars is registered with the Texas State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: 009689. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.
- This event will be held at Crowne Plaza Zurich. 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.
Robert Phelps BA FCA
Bob Phelps BA, FCA (United Kingdom) is a trainer of long standing in the business and financial community. He specialises in International Financial Reporting Standards (IFRS), UK GAAP and US GAAP. This has involved him partnering in learning projects with a wide variety of different clients in both the private and public sectors. Working around the world, he has designed and delivered training within varying corporate and national cultures and has gained valuable experience of learners’ needs in what can be very different and challenging contexts.
Recently he has delivered training courses to range of sectors including banking, insurance, legal, retail, real estate, oil and gas, waste disposal and engineering.
Bob is a UK Chartered Accountant and was educated at private schools in Trinidad and the UK and at the University of Wales. An experienced accountancy exam tutor, he was formerly involved in the start-up and management of a regional training centre of a national financial training company. Bob’s work also includes training and consulting on financial statement analysis, business valuation and bank prudential regulation.
To bring this course in-house please contact us and we will be pleased to assist