prospen.co.za

ProspenAfrica | Training and Consulting Services Provider

IFRS 17 Implementation Masterclass

3 Day Training

Dates: 27 – 29 August 2024

Locations: Prospen Africa Conference Venue

Platform: Available In-Class / Online

Price: Available on Request

Course Introduction

IFRS 17 changes fundamentally the way in which an insurance entity reports its financial dimensions and results for a given period and over time. After investing 20 or so years of development effort into IFRS 17, the IASB are highly confident in their expectation that it will bring greater transparency and comparability about the profitability of both new and existing insurance contract business. The requirement to report the insurance and financial result separately will not only help to achieve this expectation but will also provide analysts and others with better information about the overall quality of insurance entity earnings.

 

The impact on individual insurance entities will be highly variable depending on their previous policies and practice, and the nature of the insurance business they contract, especially whether it is short tailed or life. There will consequently be many and varied impacts on the reported numbers and metrics.

 

Preparing for and implementing IFRS 17 will be problematic and challenging. It will require considerable effort to gain an initial understanding of the impact on the reported numbers as well as the upgrades to process and systems to ensure they can provide IFRS 17 compliant data. This will require, from an early stage, coordination and dialogue between functions such as Actuarial, Finance and IT in executing an IFRS 17 implementation project. Furthermore, dialogue with business users and investors should be early and extensive in order to minimise the possibility of and impact of any “unpleasant surprises”.

 

The IFRS 17 Implementation Masterclass is aimed at not only preparers and users of accounts but also implementation team members and will help them get to grips with IFRS 17 by providing, at the very least, an initial working knowledge of the rules, how the numbers are constructed and presented and the story that they are telling.

Course Objectives

In just 3 days delegates will be able to learn the following:

  • Minimize the learning curve for getting up to speed on IFRS 17;

  • Appreciate the major technical differences between the existing IFRS 4 and IFRS 17 requirements;

  • Evaluate the significant impact of these differences through the use of real-world financial statements;

  • Providing a vital first time appreciation of IFRS 17 that will help to plan ahead for its implementation; and

  • Evaluate the method and timetable for transition to IFRS 17.

Who should attend?

  • Executive leaders e.g. Chief Executive Officer, Chief Financial Officer & Chief Risk Officer;

  • Board Non-Executive Directors responsible for Audit Committee and Financial Reporting;

  • Heads of Finance, Actuarial and Risk and their subordinates preparing for the changes in insurance contract accounting practice;

  • Insurance professionals wishing to learn about the critical technical differences between the accounting and reporting requirements of existing IFRS 4 (and industry practice) and IFRS 17; and

  • Analysts, actuaries, auditors and finance professionals who wish to gain a working knowledge of this large new standard.

Finance Courses

Training Methodology

Our diverse instructional approaches ensure effective learning:

– Lectures & Presentations: Engage with expert-driven, stimulating content.
– Course Material: Access well-crafted supporting resources.
– Group Work: Collaborate on discussions and case studies for practical insights.
– Workshops & Role-Play: Participate in immersive, scenario-based activities.
– Practical Application: Focus on applying theoretical knowledge in real situations.
– Post-Training Support: Receive extensive support after training for skill implementation.

Training Outline

  1. Introductions, objectives and background

    • Introductions

    • Course objectives

    • The journey from IFRS 4 to IFRS 17

    • IFRS 17 objectives

    • IFRS 17 implementation approach

  1. Scope and definitions

    • IFRS 17 scope exclusions

    • Identifying insurance contracts and insurance risk

    • Unbundling non-insurance elements contained within contracts with customers

  1. Determining the unit of account – aggregation and groups of contracts

    • Portfolios

    • Time related cohorts

    • Groups of contracts – the unit of account

  1. IFRS 17 Accounting Models

    • Outline of the accounting models available

    • A simple numerical introduction to the general model

    • Explanation and illustration of the “building blocks” approach

  1. IFRS 17 measurement and presentation – the general model

    • The general model explained step by step with worked examples

    • Initial recognition

    • Subsequent measurement

    • Presentation in the statement of comprehensive income

  1. IFRS 17 measurement and presentation – the premium allocation approach

    • Eligibility

    • The PAA – initial recognition and subsequent measurements explained step by step with worked examples

  1. IFRS 17 measurement and presentation – modifications to the general model

    • Accounting for reinsurance contracts held

    • Contracts with direct participation features

    • Contracts with discretionary participation features

  1. Other topics

    • Contract modifications

    • Derecognition of insurance contracts

  1. Transitional rules

    • Explanation and illustration of the three IFRS 17 approaches:

  • Fully retrospective

  • Modified retrospective

  • Fair value

  • Transition disclosures

  1. IFRS 17 presentation and disclosure

    • Presentation in the primary financial statements

    • A detailed review of the disclosure regime applied by IFRS 17

    • Identification new data requirements to comply

  1. Key Messages and Wrap-Up

    • What have you learnt?

    • What will you remember?

    • What will you apply?

    • Implementation challenges

    • Implementation case studies

Related Courses

Advanced Public Financial Management Workshop
Dates: 07 - 11 Nov 2024

Advanced Public Financial Management Workshop

5 Day training

View More
Analyzing and understanding GRAP Annual Financial Statements Workshop
Dates: 12 - 16 Aug | 01 - 04 Oct 2024

Analyzing and understanding GRAP Annual Financial Statements Workshop

View More
Asset Management Masterclass
Dates: 13 - 16 Aug | 08 - 11 Oct | 03 - 06 Dec 2024

Asset Management Masterclass

4 Day Training

View More
Best Practice in Payroll Accounting and Reconciliation
Dates: 21 Jul - 02 Aug | 21 - 25 Oct 2024

Best Practice in Payroll Accounting and Reconciliation

5 Day Training

View More

Open chat
Need Help? Chat with Us
Scan the code
Powered by Prospen Africa
Welcome to Prospen Africa!
Check out our 15% Off sale when you purchase QCTO Training Material