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IFRS 17 Insurance Contracts

By: GODP Consulting

Ghana

31 Aug - 01 Sep, 2022  2 day

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NGN 150,000

Venue: Accra, Ghana

Event Video

Other Dates

Venue Date Fee  
Lagos, Nigeria, Lagos State, Nigeria 13 - 14 Oct, 2022 NGN150000
Accra, Ghana, Ghana 30 Nov - 01 Dec, 2022 NGN150000
Lagos, Nigeria, State, Nigeria 06 - 07 Dec, 2022 NGN150000

In May 2017, the International Accounting Standards Board (IASB) issued IFRS 17, ‘Insurance Contracts’, and thereby started a new epoch of accounting for insurers.  Whereas the current standard, IFRS 4, allows insurers to use their local GAAP, IFRS 17 defines clear and consistent rules that will significantly increase the comparability of financial statements. For insurers, the transition to IFRS 17 will have an impact on financial statements and on key performance indicators.

This workshop is aimed at helping professionals in the insurance industry develop key skills required to account for insurance and re-insurance contracts in line with the IFRS 17 guidance.

Training Objectives

  • Understanding of the requirements of IFRS 17
  • Develop core skills in creating models required to efficiently apply IFRS 17

Pre-requisite

  • Good understanding of Ms. Excel
  • Good understanding of the guidance of IFRS 9

Methodology

  • Instructor guided presentation
  • Case studies
  • Discussion session
  • Scenario and Case study sessions

What to Expect

  • Expert facilitation
  • Souvenirs (classroom option)
  • Tea break and Lunch (classroom option)
  • Discussion session
  • Practical Examples
  • Certificate

Course Outline

  • Introduction
  • Separation of insurance from non-insurance contracts
    • Investment Component
    • Embedded Derivatives
    • Distinct non-insurance service or goods
  • Aggregation Level
  • Initial Recognition
    • Using General Method
      • Fulfillment Cashflow
        • Determining Cashflows to include
        • Determining Discount rate
        • Determining Risk Adjustment for non-financial risk
      • Contractual Service Margin
    • Using Premium Allocation Method
    • Using Variable Fee Method
  • Subsequent Measurement
    • Using General Method
      • Fulfillment Cashflow
      • Contractual Service Margin
    • Using Premium Allocation Method
    • Using Variable Fee Method
  • Reinsurance contracts
  • Derecognition and modifications
  • Presentation in the statement of financial position
  • Disclosure

Transition

Accra, Ghana Aug 31 - 01 Sep, 2022
Lagos, Nigeria, Lagos State, Nigeria 13 - 14 Oct, 2022
Accra, Ghana, Ghana 30 Nov - 01 Dec, 2022
Lagos, Nigeria, State, Nigeria 06 - 07 Dec, 2022
NGN 150,000.00(Classroom)
NGN 112,500.00(Online)
USD 1,000.00
(Convert Currency)

Queen Ibrahim 09160775350

Discount of 5% to 2-4 participants from the same organization. Discount of 10% to 5 or more participants from the same organization.
Highly resourceful and seasoned Facilitators