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The new financial reporting standards IFRS 17 will inevitably represent the most significant change to insurance accounting requirements for more than 20 years. The industry faces enormous challenges in understanding the operational impacts of it on data, systems and processes and surface several questions amongst insurers around their data quality and management strategies, storage and archiving systems, their system architecture design, different actuarial, risk and accounting processes, future reporting systems and structures amongst others.
Understanding the challenges the industry face, this practical 3 day IFRS 17 Insurance Contracts Masterclass has been specially designed to help gain an in-depth understanding of the importance and key elements of the IFRS 17, implementation strategies, transition approaches, how to select appropriate approaches amongst other key topic areas. It will help kick off the processes related to IFRS 17 and help preparers and users of accounts; implementation team members get to grips with IFRS 17 so as to meet your organization’s finance strategy and business objectives.
Key Learning Objectives:
- Gain insights on IFRS 17 and minimize your learning curve for getting to speed with its principles
- Appreciate the major technical differences between existing IFRS 4 and IFRS 17 requirements
- Learn how to identify which transactions are within the scope of IFRS 17 and how to choose your approach to transition
- Find out how to determine whether non-insurance elements require separation
- Find out how to make use of solvency II models for developing IFRS 17 Accounting Models
- Evaluate the accounting methodologies prescribed in IFRS 17 and evaluate its impact on your financial statements
- Analyse the presentation and disclosure requirements in financial statements that come with IFRS 17
- Understand the fundamentals of the General Measurement Models and Presentation Techniques
- Learn how to overcome the operational challenges of IFRS 17 and plan for implementation
- Hear global case studies and lessons learnt on the successful applications of IFRS 17 for Insurers
Who Should Attend?
The course is designed for professionals particularly from insurers and reinsurers 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, financial reporting, risk and actuarial teams, regulatory reporting and data management involved in implementation of IFRS 17 as well as management, analysts, legal teams and others who would like to gain working knowledge and know the impact of the IFRS 17 standards on the financial statements.
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