IFRS Update 17 Insurance Contracts 2024
Course Overview
IFRS 17 is effective for annual reporting periods beginning on or after 1 January 2021 with earlier application permitted as long as IFRS 9 and IFRS 15 are also applied.
Insurance contracts combine features of both a financial instrument and a service contract. In addition, many insurance contracts generate cash flows with substantial variability over a long period. To provide useful information about these features, IFRS 17:
- combines current measurement of the future cash flows with the recognition of profit over the period that services are provided under the contract;
- presents insurance service results (including presentation of insurance revenue) separately from insurance finance income or expenses; and
- requires an entity to make an accounting policy choice of whether to recognise all insurance finance income or expenses in profit or loss or to recognise some of that income or expenses in other comprehensive income.
This course will focus on the requirements of the new standards IFRS 17.
Course objectives
By the end of the course you will be able to:
- Demonstrate a working knowledge of the basic elements of the general accounting model
applied by IFRS 17 - Articulate the key numbers that will be presented in the statements of profit or loss and financial position and how different they are to those under current practice
- Communicate to others the story that the IFRS 17 numbers are telling
- Explain the main areas of difficulty that will most likely arise in practice
- Articulate the permitted modifications to the general model, in particular the premium
allocation approach - Demonstrate the timetable for transition to IFRS 17 and explain the processes and pros and cons
of the different options available.
Run this Course In-House:
This course can be presented exclusively for you organization as an in-house basis, tailored to meet your specific needs, at a place and time of your convenience. Capricorn Event In-House Training Courses are the most cost-effective and efficient way to train your team. If you have a team interested in this course,
let’s discuss how we can work together to meet your staff competency and proficiency needs. Please contact us and we will be pleased to assist. info@capricorn-event.com
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