IFRS 17 Insurance Contracts

Course Overview

This two-day course will focus on accounting for insurance contracts as per IFRS 17 and will also provide an overview of IFRS 9 Financial Instruments for insurers. IFRS 17 was published in May 2017 and is effective for periods beginning on or after 1 January 2022. Though IFRS 9 Financial Instruments is effective for the period beginning on or after 1 January 2018, there was an option for the insurance companies to defer the application of the standard until IFRS 17 is adopted.

Currently, there are different accounting practices for similar insurance contracts. The objective of IFRS 17 is to ensure that insurers reflect the effect of economic changes in their financial statements in a timely and transparent way. This will provide improved information about the current and future profitability of insurers, improve global comparability of the insurers’ financial statements and enhance the quality of financial information.

This two-day comprehensive course focuses on the accounting approaches for the recognition and measurement of different types of insurance contracts and the presentation, disclosure and transition requirements. It includes profitable and onerous contracts, contracts with direct participating features and discretionary participating features and reinsurance contracts.

The course also covers classification and measurement of financial assets and financial liabilities, application of the expected credit loss impairment model and an overview of hedge accounting. There will be use of illustrations, case studies and model financial statements to understand the application and impact of IFRS 17 and IFRS 9 on the insurer’s financial statements.

Learning Objectives

By end of the course, the participants will:

  • Understand the changes in IFRS 17 from the current
  • IFRS 4 Insurance Contracts
  • Apply the accounting methodology prescribed in IFRS 17
  • Analyse the IFRS 17 presentation, disclosure and transition requirements
  • Apply the principles in relation to the classification and measurement of financial assets and financial liabilities,
  • impairment and hedge accounting requirements in IFRS 9
  • Analyse and interpret IFRS financial statements

Who Should Attend?

The course is useful for preparers and users of the financial statements who need to gain an understanding of the requirements of IFRS 17 and its impact on the financial statements. This includes:

  • Staff in finance, risk, legal and actuarial teams
  • Internal and external auditors
  • Senior management, consultants and analysts

A basic understanding of accounting as per any local GAAP is a prerequisite.

 

Earn 16 hours CPD points for attending this event!
Saket is a financial trainer and consultant based out of London. He has designed and facilitated workshops for finance professionals from over 50 countries in Europe, Middle East, Africa and Asia. Saket specialises in financial reporting and analysis (IFRS/IPSAS), financial instruments, corporate finance and CFA® exam preparatory courses. He has spent considerable time working, advising...





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Terms and Conditions

Payment Methods: Kindly note that payment is required no later than 14 days from invoice date. In the event of nonpayment, Masterclass Events reserves the right to cancel the booking and the full amount under disagreement will be due and payable.

Confirmation Details: Upon reception of your booking, we will e-mail each registered person our delegate confirmation pack. This pack will include venue information with a map and specific event details. If you have not received confirmation within one week of booking, kindly contact us on 012 654 8615 for assistance. Delegate fees include all workshop materials, lunch and refreshments for each day. Please note that hotel accommodation and travel are not included in the price. We can offer travel and hotel booking assistance if required. If you require any travel assistance please contact us.

Cancellation and Transfer Policy: Delegates unable to attend the event may send a substitute delegate in their place. Please send written details of substitution. Written cancellations must be received more than 10 working days prior to the date of the event and will be liable for 50% of the event fee. Failure to cancel, or cancellations received 10 working days or less prior to the event date, will result in liability for the full event fee. Masterclass Events reserves the right to alter the program and speaker details without notice.

R13 495.00 (VAT Excl) per delegate

Group Discounts
3+ delegates: 10% group discount
5+ delegates: 15% group discount

Bookings are confirmed upon receipt of signed registration form. All prices are exclusive of 15% VAT.

There is a R605 per day surcharge for Kosher & Halaal Meals.

Payment Methods:
Kindly note that payment is required no later than 14 days from invoice date. In the event of nonpayment, Masterclass Events reserves the right to cancel the booking and the full amount under disagreement will be due and payable.

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