IFRS 17: Main aspects of the new accounting standard

Who are the intended participants?

• Accountants and employees of controlling or financial departments of insurance companies reporting in accordance with IFRS standards.
• Managers of insurance companies interested in the impact of new standards on insurance companies’ accounting and reporting.
• Product managers and other employees of insurance companies who will be implementing the new accounting standard in their companies.
• Other interested parties wishing to obtain a comprehensive overview of the main terms and impacts of IFRS 17

Programme

• History, time frame and main impacts of IFRS 17.
• Scope of new regulation, definition of insurance risks and insurance contracts.
• Aggregation of insurance contracts.
• Key terms in valuation of insurance contracts according to the new standard (contractual service margin, onerous contracts, risk adjustment, etc.).
• Brief description of valuation models.
• Changes in accounting and reporting.
• Transition to IFRS 17.
• Main aspects of implementation.

Benefits

After completing the course, you will:

• Understand general principles and logics for valuation of liabilities arising from insurance contracts according to the new accounting standard.
• Obtain an overview of impacts on reporting and interpretation of key reports of insurance companies.
• Know about the recommended time frame and implementation procedures.