Prospen Africa’s IFRS 17 Implementation Masterclass equips insurance professionals with essential knowledge of IFRS 17, focusing on key differences from IFRS 4, implementation strategies, and practical applications for financial reporting.
| Date | Venue | Duration | |
|---|---|---|---|
| 19 - 21 August 2026 | Sandton | 3 Days | |
| 14 - 16 September 2026 | Cape Town | 3 Days | |
| 07 - 09 December 2026 | Sandton | 3 Days |
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”.
Prospen Africa’s 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.
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.
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.
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.
Introductions, objectives and background
Introductions
Course objectives
The journey from IFRS 4 to IFRS 17
IFRS 17 objectives
IFRS 17 implementation approach
Scope and definitions
IFRS 17 scope exclusions
Identifying insurance contracts and insurance risk
Unbundling non-insurance elements contained within contracts with customers
Determining the unit of account – aggregation and groups of contracts
Portfolios
Time related cohorts
Groups of contracts – the unit of account
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
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
IFRS 17 measurement and presentation – the premium allocation approach
Eligibility
The PAA – initial recognition and subsequent measurements explained step by step with worked examples
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
Other topics
Contract modifications
Derecognition of insurance contracts
Transitional rules
Explanation and illustration of the three IFRS 17 approaches:
Fully retrospective
Modified retrospective
Fair value
Transition disclosures
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
Key Messages and Wrap-Up
What have you learnt?
What will you remember?
What will you apply?
Implementation challenges
Implementation case studies
Discover how our courses enhance professionals’ effectiveness in their workplaces.
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