IFRS 17 Insurance Contracts (Half day)

Speaker:  Robert Phelps  |  CPD Hours: 3

Price £345 plus VAT

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OBJECTIVES

By the end of the course participants will be able to demonstrate a working knowledge of the basic elements of the general accounting model applied by IFRS 17.

CONTENT

Introductions, objectives, background and scope

  • Introductions and course objectives
  • Background to IFRS 17
  • Scope exclusions

The basics of the IFRS 17 general model and premium allocation alternative explained

  • Worked example illustrating the difference between previous and IFRS 17 reporting practice
  • Discussion of the main inputs and their variability
  • Outline of the premium allocation approach and when it can be used

Identifying insurance contracts and initial recognition issues

  • How to identify insurance contracts
  • Separation of non-insurance elements
  • Portfolios, cohorts and groups- how to arrive at the unit of account

Review and discussion of problem areas that will arise in practice in applying the general model

  • Discounting and the time value of money
  • Changes in the cash flow estimates and the NFRA
  • Reinsurance
  • Contracts with participation features

Transitional rules

  • An overview of the IFRS 17 approaches available

Overview of the premium allocation approach

  • Eligibility
  • The PAA explained step by step with worked examples

WHO SHOULD ATTEND

Anyone needing an overview of this standard particularly the finance department, to legal teams, sales departments, etc.

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