Essentials - A Focus on IFRS 17 Insurance Contract Accounting (Virtual Classroom)

Introduction

This online IFRS 17 training is being delivered live in a single 4 hour session which runs from 13:00 – 17:00 London (UK).

You can learn more about our virtual, online courses and how they work on our course FAQ page. Or view our Virtual Classroom schedule to see what else is being delivered live in our online classrooms. If you don’t see the IFRS training topic, you are looking for, or if you would like an online classroom in another time zone, please tell us.

Preparing for and implementing IFRS 17 is problematic and challenging. It requires considerable effort to gain an initial understanding of the impact on the reported numbers as well as the necessary upgrades to processes and systems to enable them to deliver IFRS 17 compliant data.

This course is aimed not only at preparers and users of accounts but also IFRS 17 implementation team members and will provide an initial working knowledge of how the standard works.

Learning Objectives

This course is beneficial to preparers and users of IFRS financial statements and IFRS 17 implementation teams.

• Gain an entry level awareness of elements of the general accounting model and premium allocation approach applied by IFRS 17
• Articulate the key numbers that will be presented in the statements of profit or loss and financial position and how different they are to current practice
• Explain the main areas of difficulty that will most likely arise in practice
• Demonstrate the timetable for transition to IFRS 17 and the options permitted for achieving that

Who Should Attend

• Insurance sector accountants
• actuaries
• Insurance accounting systems consultants
• Insurance sector analysts

Topics

• Introduction – why IFRS 17?
• Application date and transition options
• Identification of insurance contracts and groups
• How the general model works – initial recognition and subsequent measurement
• General model – tricky areas
• The premium allocation approach – initial recognition and subsequent measurement
• The modified general model for reinsurance
• Other IFRS 17 topics outlined

Teaching Method

• Live group internet instruction in a virtual format
• PowerPoint presentations with demonstrated examples
• Case studies and examples for participants to work through in the course
• Participant questions and group discussions on real life case studies
• All participants receive presentation slides for future reference
• Electronic copies of exercise and case study solutions will be available to participants
• This virtual training is being delivered live and online in a session which runs from 13:00 – 17:00 London (UK).

Instructors

Venue

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

Prerequisites

Basic understanding of accounting under IFRS or any national standards. No advance preparation is required for this course.