IFRS 17 Insurance Contracts has been issued by IASB in May 2017 to increase transparency for users and comparability between insurers. In 2020, a revised version of IFRS 17 was issued which set the new effective date of 1 January 2023. With the transition date quickly approaching, insurers must ensure that their systems, processes and controls are ready to handle the new requirements and that users of the financial statements understand what is going to change and how. In this webinar split over two sessions, we will delve in detail into the business impacts of IFRS 17 with the aim to elicit the key aspects that a business involved in Insurance Contracts must consider.
Special attention will be given to: the Contractual Service Margin; Discounting; Risk Adjustment calculation; the distinction and applicability of the Variable Fee Approach, the General Measurement Model and the Premium Allocation Approach and the judgement involved in determining the appropriate Model. Besides providing an overview of the accounting treatment of insurance contracts, this session also presents a number of practical lessons learnt so far, including those relating to the identification of gaps; the implementation of policies, procedures and methodologies; and financial impact assessments, among others.
The session is aimed for accounting professionals, financial controllers, advisors and regulators involved in Life insurance, general insurance (P&C and health), reinsurers, captive insurance entities and possibly some banks.
The main learning outcomes of this session include:
- The identification of the need for an insurance contract standard;
- Familiarisation with the key concepts of IFRS 17;
- Key considerations and judgements required and emanating from the adoption of IFRS 17;
- The implications to your business;
- The accounting requirements of adopting this standard; and
- Lessons learnt and next steps.
Basic knowledge on the insurance industry and the related financial reporting is recommended.
Session 1: 22/11/2021, 14:00 – 16:15
Session 2: 29/11/2021, 14:00 – 16:15
Venue: Live online session – details of how to join the meeting will be sent once registration is complete
Fee: €65 for both sessions (€40 per session if taken individually)
This course qualifies for 4 hours of structured CPE which can be classified as Core Competency. A certificate of attendance will be provided at the end of the session.