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IFRS 9 for Insurance Companies (2 days)

Course Details

Code:1334
Level
Overview
CPD
16 Hours
Time
09:00-18:00
Location
London
Cost
£1,850.00
Subject to UK VAT (Read more)
Please note that this course is more than six months in the future.
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Introduction

IFRS 9 Financial Instruments Recognition and Measurement came into force for accounting periods beginning on or after 1st January 2018. Insurance companies however are allowed to postpone their application of IFRS 9 until they also apply IFRS 17 Insurance Contracts which will be for accounting periods beginning on or after 1st January 2022.

Our course starts with a brief overview of the framework applied by IFRS standards for accounting for financial instruments. This will set the context for the important changes in this area of accounting introduced by IFRS 9.

This is followed by:

  • an examination of the scope of the standard and definitions of financial instruments;
  • a consideration of the type of financial instruments commonly reported in the financial statements of insurers and their impacts on balance sheets and profit or loss;
  • a high level overview of the various financial instruments accounting topics and how they fit together;
  • a detailed examination of each of the main IFRS 9 topic areas, these being recognition and derecognition, and classification and measurement;
  • a brief review of the IFRS 7 disclosure regime.

The course then considers the extra regulations applicable to global systemically important banks (G-SIBs). This will involve a review ofthe Financial Stability Board’s TLAC standard for globally systemically important banks (G-SIBs)

Learning Objectives

  • Minimize the learning curve for getting up to speed on IFRS 9
  • Gain an appreciation the major technical differences between IAS 39 and IFRS 9 as applicable to insurance companies
  • Evaluate the significant impact of these differences through the use of real-world financial statements
  • Providing a framework for understanding how the Basel rules work in practice

Who Should Attend

  • This course is designed for those who wish to learn about accounting for financial instruments by entities who issue insurance contracts
  • It will be highly relevant to finance and reporting and team members who will be involved in the implementation of IFRS 9 and 17 and who will have to explain to others how it will impact the way an insurance entity carries on its business
  • The course is designed for executive officers, industry controllers, analysts, auditors and finance professionals who wish to gain a technical high-level understanding of these complex rules

Topics

  • Introduction to the relevant IFRS standards (IFRS 9, 7 and IAS 32) and how they fit together to provide a comprehensive framework governing how to account for and report financial instruments.
  • Definitions, scope and scope exclusions.
  • Impact of financial instruments on insurers financial statements
  • Linkages with IFRS 17 and insurance contracts
  • The IAS 32 rules on presentation of financial instruments.
  • Recognition of financial instruments.
  • The IFRS 9 classification and measurement rules for financial assets (including the business model approach, effective interest, impairment and fair values).
  • The IFRS 9 classification and measurement rules for financial liabilities.
  • Hedging and hedge accounting under IFRS 9.
  • Derecognition of financial assets and liabilities.
  • The IFRS 7 disclosure regime (especially in relation to fair values).

Teaching Method

  • Group live instruction with interactive participation encouraged, cases, examples, group work and open discussions
  • Presentation and comparison of existing and new rules for accounting for financial instruments
  • Use of real-world financial statements to illustrate the different financial reporting areas
  • Discussion around issues such as the pros and cons of the expected loss model for impairment measurement
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course material

Instructors

The instructor for this course will be drawn from one of our core faculty of subject matter experts. Further details will be published at the earliest opportunity.

Venue

Our seminars take place in 4 star professional conference facilities, generally in city-centre 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.

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

No advance preparation is required for this course.