IFRS 17 Fast Track To Compliance

Course overview

We’re glad you’re here. The IFRS 17 certification course is a thorough training program created to provide you the information and abilities you need to comprehend and use the International Financial Reporting Standard 17 (IFRS 17) in accounting for insurance contracts.

You will dig into the IFRS 17 concepts, regulations, and implementation issues throughout this certification course, which is a significant advancement in the world of insurance accounting. Professionals working in the insurance sector, such as accountants, auditors, financial analysts, and regulators, are the target audience for this course.

The course will open with an overview of IFRS 17, outlining the standard’s goals and the factors that led to its creation. You will learn how IFRS 17 enhances the prior standard, IFRS 4, and the effects it will have on insurance firms and their financial reporting.

You will examine important subjects including the scope and terminology of IFRS 17, as well as the categories of insurance contracts it applies to, as you move through the course. You will learn about the General Measurement Model (GMM) and the Premium Allocation Approach (PAA), the two measurement models covered by IFRS 17, and how to use them in real-world situations.

The Contractual Service Margin (CSM) concept is a key component of IFRS 17. You will examine its computation, allocation, and ensuing modifications to comprehend its relevance in precisely calculating insurance obligations.

The function of risk adjustment in IFRS 17 and its effects on the assessment of insurance contracts will also be covered in the course. You will examine the variables taken into account while calculating the risk adjustment as well as the strategies used to do so.

Introduction

You will learn more about how to generate thorough financial statements and notes that are compliant with IFRS 17 by gaining insight into the presentation and disclosure requirements of the standard.

The transition to IFRS 17 presents a number of issues and factors, including those related to data needs, system deployment, and project management. You will investigate doable tactics for effective application and adherence.

You will participate in hands-on activities, case studies, and group discussions all during the certification course to improve your comprehension and implementation of IFRS 17 ideas in realistic situations. You will get the chance to speak with professors and other professionals, promoting networking and information sharing.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

By the time you complete this certification program, you will have a thorough grasp of IFRS 17, enabling you to negotiate the difficulties of insurance contract accounting, support compliance, and improve financial reporting transparency.

As you set out on this road to acquire your certification as an expert in IFRS 17, we wish you a rewarding and enlightening learning experience!

Learning Objectives

Upon completing IFRS 17: Fast Track to Compliance, participants will be able to:

• Recognize the core tenets and goals of IFRS 17, as well as how it improves on the prior standard, IFRS 4.
• Learn everything there is to know about IFRS 17’s scope and how it relates to various insurance contract types.
• Learn about the General Measurement Model (GMM) and the Premium Allocation Approach (PAA), the two measurement methodologies covered by IFRS 17.
• Understand the Contractual Service Margin (CSM)’s (calculation, allocation, and importance) role in estimating insurance obligations.
• Recognize the function of risk adjustment under IFRS 17 and how it affects how insurance contracts are measured.

Our Unique Training Methodology

This interactive course comprises the following training methods:

• Role-playing – Participants will take part in several roleplays and understand practical ways of solving issues.
• Journaling – This consists of setting a timer and letting your thoughts flow, unedited and unscripted recording events, ideas, and thoughts over a while, related to the topic.
• Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including Blogging, instant messaging, and forums for debate in groups.
• Project-based learning
• Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
• Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.

Training Medium

This IFRS 17: Fast Track to Compliance training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

• What does IFRS 17 aim to achieve? Why did it come about?
• Describe the main variations between IFRS 4 and IFRS 17.
• What kinds of insurance contracts are covered under IFRS 17?
• Describe the General Measurement Model (GMM) and the Premium Allocation Approach (PAA), the two measurement models covered by IFRS 17.
• What does IFRS 17’s Contractual Service Margin (CSM) mean? How is it determined?
• What risk is related to insurance contracts, and how is that addressed by IFRS 17? What function does risk adjustment serve?

Course Modules

This IFRS 17: Fast Track to Compliance covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Overview of IFRS 17

• A summary of the standard, its goals, and the inspirations for its creation.
• The schedule and significant dates for implementing IFRS 17

Module 2 – Definitions & Scope

• Recognizing the IFRS 17’s application to various insurance contract types and its breadth.
• Investment contracts
• Reinsurance contracts
• Insurance contracts

Module 3 – Models of Measurement

• Examining the General Measurement Model (GMM) and the Premium Allocation Approach (PAA), the two measurement models covered by IFRS 17.
• The theories, computations, and factors that go into each model.

Module 4 – Margin for Contractual Services

• Recognizing the relevance of CSM in the calculation of insurance obligations.
• The CSM’s acknowledgment, distribution, and later modifications.

Module 5 – Risk Modification

• Analyzing how risk adjustment is used in IFRS 17 and how it affects how insurance contracts are measured.
• The variables taken into account while calculating the risk adjustment and the formulas employed.

Module 6 – Display and Disclosure

• Examining the guidelines for how insurance contracts should be disclosed in financial statements and improving the information disclosure required by IFRS 17.
• Displaying insurance income, costs, and profit or loss.

Module 7 – Implementation and Transition

• Realizing the practical ramifications of switching from earlier accounting rules to IFRS 17.
• The difficulties with implementation
• Data requirements for effective standard adoption are project management factors.

Module 8 – Updates on Regulation and Industry

• Keeping aware of the most recent IFRS 17 developments and legal changes.
• Entities that define standards, industry customs, and interpretations.

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

• What are the primary goals of IFRS 17 and how does it advance IFRS 4 over its predecessor?
• The General Measurement Model (GMM) and the Premium Allocation Approach (PAA), the two measurement models under IFRS 17, should be explained. Which model would you employ when?
• Describe the Contractual Service Margin (CSM) concept and its function in the IFRS 17 assessment of insurance contracts. How is the CSM identified and later updated?
• What risk is related to insurance contracts, and how is that addressed by IFRS 17? Describe the function of risk adjustment and how it affects the calculation of insurance liabilities.
• What are the IFRS 17 presentation and disclosure standards for insurance contracts?

Lessons Learned

Enhanced comprehension of IFRS 17 insurance contract accounting principles, regulations, and complexities: The certification course has given participants a thorough grasp of these topics. You now possess a strong foundation in this niche of accounting.

Accurate data and systems are crucial for adopting IFRS 17; this was emphasized throughout the training. You now understand the need of precise and trustworthy data for calculating insurance obligations and meeting disclosure requirements. To guarantee data accuracy and effectiveness in financial reporting, it is vital to have strong systems and controls.

Financial statements and key performance indicators of insurance firms will be significantly impacted by IFRS 17, which has a wide range of ramifications.