IFRS 17: A Fundamental Revision to Insurance Accounting Recorded

Summary

The implementation of the new insurance accounting standard, IFRS 17, effective 2021, will dramatically change the accounting of insurance contracts.  This new standard will present a major challenge for many insurance companies and affect insurance company decisions.

 

Venue details:  
Online, ,
Start date & time:  
01 January 2018 00:00
End date & time:  
01 January 2020 00:00
Price: €50.00  (€50.00 Member price)
By registering for this course you have accepted the terms and conditions
Training ticket cost:  
2.00
CPD hours:  
2.00
Speaker details
No speakers have been associated with this event.

Description

Product type:  
CPD online course
Category:  
Governance, risk and legal

 This course was originally recorded in 2018

Who should attend

This course will benefit both producers and users of insurance company financial statements.  The standard will be relevant to finance departments and directors alike across the spectrum of the insurance industry including life, non-life and reinsurers.  The course will cover the new requirements for insurance contracts, challenges facing insurers, the timelines and the scale of work involved.  Users of insurance financial statements will also benefit from increasing familiarity with the new terminology and understanding the impact of a transition.

Course overview

  • Background and Timelines
  • Scope of IFRS 17       
  • Measurement of Insurance Contracts
  • General Measurement Model
  • Statement of Comprehensive Income
  • Variable Fee Approach
  • Presentation and Disclosure
  • Transition
  • Parallels with Solvency II

Learning Outcomes

  • An understanding of the requirements of this new standard
  • An appreciation of the main decisions and challenges facing insurance companies in preparing for the standard

The session will also include relevant and practical case studies, outlining examples of the presentation and disclosure of financial statements in this new world of insurance accounting.