IFRS 17 Insurance Contracts – an essential guide
SPECIAL OFFER PRICE FOR ICAS MEMBERS: £245 + VAT
Non-member price: £320 + VAT
Online Live, 4 November 2020
IFRS 17 Insurance Contracts is the long awaited comprehensive standard on accounting for insurance contracts.
This full day course examines all the key aspects of the standard, including the transitional arrangements and the changes proposed by the IASB as a result of substantial feedback and reaction. It contains numerous practical illustrations of the workings of the standard.
This course provides a detailed examination of the principles of IFRS 17. If you require an overview of IFRS 17’s requirements, you may wish to consider our half day course IFRS 17 Insurance Contracts – the fundamentals.
What you will learn
On completion of the course you will be better able to:
- Identify which transactions are within the scope of IFRS 17
- Determine whether non-insurance elements require separation
- Apply the fundamentals of the General Measurement Model (GMM)
- Understand the variations to the GMM applicable to reinsurance and direct participating contracts
- Apply the Premium Allocation Approach
- Appraise the transitional alternatives
- Understand the impact of proposed revisions of the standard
Who should attend
The course is primarily designed for anyone involved in the preparation or audit of financial information in entities which issue insurance contracts.
It will also be useful to anyone requiring a detailed insight into how the new standard will affect the accounting by insurance entities, and the information and systems challenges presented.
- Identification of insurance contracts
- The alternative models
- The General Measurement Model
- Separation of non-insurance elements
- Grouping of insurance contracts
- Initial measurement:
- Subsequent measurement
- Illustrative examples
- Onerous and profitable contracts
- The impact of discounting
- The variable fee approach for direct participating contracts
- The Premium Allocation Approach
- Circumstances for use
- Illustration of accounting
- Accounting for reinsurance contracts
- The transitional options available
- Proposed amendments to the standard
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