IFRS 17 Implementation and Financial Reporting Workshop
Welcome to our IFRS 17 Implementation and Financial Reporting Workshop!
As we approach 2024, a landmark year for the insurance industry, companies are gearing up for their first financial statements under the new IFRS 17 standard. Introduced on January 1, 2023, IFRS 17 represents a significant shift in financial reporting for insurance companies. Despite ongoing efforts, many insurers are still grappling with the complexities of IFRS 17 compliance, with some barely crossing the threshold in time for the initial presentations.
The journey towards full compliance with IFRS 17 has been challenging. This standard introduces intricate changes in financial reporting, requiring comprehensive adjustments in valuation models, data handling, and reporting methodologies. The transition impacts various aspects of insurance companies, including their financial, data management, and reporting systems.
Our workshop, available both online and in-person (two-day), is a deep dive designed to navigate these complexities. It offers a thorough understanding of IFRS 17’s requirements and practical guidance on tackling the implementation challenges. This course is especially crucial as companies prepare for 2024, a critical year when the full effects of IFRS 17 on financial reporting will become apparent.
Join us to gain essential insights and skills in IFRS 17 implementation and financial reporting, ensuring your readiness for this new era in insurance accounting. Let’s embark on this journey to ensure your organization is well-prepared and ahead in the realm of IFRS 17 compliance.
Key Learning Features
- Comprehensive coverage of all actuarial aspects of IFRS 17 and the overall implementation challenges and best solutions.
- In-depth understanding of the Building Blocks Approach (#BBA), Premium Allocation Approach (#PAA), and Variable Fees Approach (#VFA) under IFRS 17.
- Analysis of the impact of IFRS 17 on actuarial modelling and risk adjustment.
- Insight into the calculation of the Contractual Service Margin (CSM) for deferral of up-front profits.
- Understanding how to calculate the risk adjustment to reflect management’s appetite for risk over the run-off of the claims reserves.
- Examination of the impact of illiquidity of cash flows on discount rates.
- Analysis of the impact of IFRS 17 on a wide range of contracts, including long-term and whole life insurance, inflation-linked annuity contracts, immediate annuities, universal life-type contracts, reinsurance written, general insurance contracts, short-term general insurance, short-term life and certain group contracts, unit-linked contracts, Continental European 90/10 contracts, and more.
- Understanding how claims’ reserves and insurance liabilities would be impacted.
- Overview of financial reporting requirements for insurers.
- Identification of common pitfalls to avoid.
- Integration of detailed work examples and case studies to reinforce key points.
- Understanding of how to present insurance contracts.
- Insight into the drivers of income statement volatility and insurance liabilities.
- Enhancement of processes and controls for insurance contracts and related liabilities.
- Examination of the technical issues raised by Actuarial Associations worldwide.
By completing this course, you will acquire an in-depth understanding of IFRS 17 and its substantial impact on financial reporting in the insurance industry. This knowledge will empower you to identify the key challenges and optimal solutions for implementing IFRS 17 effectively. You will gain a comprehensive grasp of the financial reporting requirements specific to insurers under this new standard. The course also includes practical learning through detailed work examples and case studies, equipping you with the skills to enhance processes and controls for insurance contracts and related financial liabilities. This expertise is crucial for finance professionals navigating the complexities of IFRS 17 and striving to maintain accuracy and compliance in their organization’s financial practices.
Global Program Schedule and Hosting Opportunities
Our program has been scheduled in multiple cities worldwide. For a comprehensive schedule and to find a session in your area, please explore the following links. If you are interested in organizing this program in your city, we encourage you to contact us for collaboration opportunities and more information.
For More Information
Please contact our customer service team for more information about our IFRS 17 Training Program and to enroll. Our team is dedicated to providing you with excellent service and answering any questions you may have. We look forward to hearing from you and helping you take the next step in your professional development.