im电竞游戏入口官网(im电竞游戏选手2.5.7): Live Online

im电竞游戏入口官网(im电竞游戏选手2.5.7) Objectives 

CPD Certified

This two-day course will focus on accounting for insurance contracts as per IFRS 17. Currently, there are different accounting practices for similar insurance contracts. There have been substantial efforts put into the development of IFRS 17 to ensure that insurers reflect the effect of economic changes in their financial statements in a timely and transparent way. This will provide improved information about the current and future profitability of insurers, improve global comparability of financial statements and enhance the quality of financial information. Participants are expected to have a basic understanding of financial statements.

IFRS 17 was published by the International Accounting Standards Board in 2017, with amendments issued in 2020 to help companies implement the Standard and make it easier for them to explain their financial performance. The Standard is effective for annual periods beginning on or after 1 January 2023.

Key Learning Outcomes:
  • Understand the changes in IFRS 17 from the current IFRS 4 Insurance Contracts
  • Appreciate the accounting methodology prescribed in IFRS 17 and evaluate its impact on the financial statements
  • Understand the transition requirements in IFRS 17
  • Review the interaction with IFRS 17 Financial Instruments
  • Analyze the presentation and disclosure requirements in the financial statements

Who Should Attend 

The course is designed for those who would like to gain an understanding of the requirements of IFRS 17 and its impact on the financial statements. It would be beneficial for those working in finance, risk and actuarial teams involved in implementation of IFRS 17 as well as management, analysts, legal teams and others who would like to know the impact of the standard on the financial statements.
 
Day One
Introduction

The aim of this section is to provide a background to IFRS 17, its objectives and scope of the standard.

  • Introduction to IFRS 17: Reasons for IFRS 17, scope and exclusions
  • Executive summary: Overview of the standard, key terms and principles
Recognition and Measurement

The aim of this section is to appreciate the recognition and measurement approaches to insurance contracts and evaluate its impact on the financial statements.

  • Insurance contracts: Assessment of significant insurance risk, level of aggregation
  • Separation of components: Determine whether non-insurance elements require separation
  • Recognition of insurance contracts: Criteria and timing of recognition
  • Measurement: Overview of the different accounting approaches 
IFRS 17 Measurement Approach

The aim of this section is to obtain an in-depth understanding of the IFRS 17 measurement approach and evaluate the drivers of income statement volatility and insurance liabilities. There are detailed examples and case studies to reinforce the key points for profitable and onerous contracts.

  • IFRS 17 measurement approach: Initial recognition and subsequent measurement
  • Analysis of the components of insurance contract liability: Estimation of cash flows, discount rates, risk adjustment for non-financial risk, contractual service margin
  • Presentation and disclosures: Components of insurance revenue, insurance service expense, insurance finance expense and insurance contract liability
  • Contract modifications and derecognition of insurance contracts: Impact of modifications on financial statements, derecognition principles
Day Two
Modifications to the IFRS 17 Measurement Approach

The aim of this section is to review the modifications required to the IFRS 17 measurement approach for reinsurance contracts held, contracts with direct and discretionary participation features.

  • Modified approaches for other contracts: Initial recognition and subsequent measurement of reinsurance contracts held, and contracts with direct and discretionary participation features
Simplified Approach

The aim of this section is to explain the simplified premium allocation approach in IFRS 17.

  • Simplified approach: Applicability of the premium allocation approach, differences with the main IFRS 17 measurement approach
  • Measurement: Initial recognition, subsequent measurement and presentation
Transition, Presentation and Disclosures

The aim of this section is to explain the transition, presentation and disclosure requirements in relation to insurance contracts.

  • Transition approaches: Full retrospective, modified retrospective and fair value
  • Impact on IFRS 9 Financial Instruments: Reclassifications and comparatives
  • Presentation: Statement of financial position, statement of financial performance
  • Disclosures: Qualitative and quantitative disclosures, significant judgements and nature and extent of risks