Comprehensive IFRS 17 Implementation for Insurance Contracts
Course Overview This comprehensive course is designed to equip insurance professionals with the knowledge and skills necessary to implement IFRS 17, the new international standard for insurance contracts. The course covers the entire lifecycle of IFRS 17 implementation, from understanding the standard to applying it in real-world scenarios.
Course Objectives - Understand the principles and requirements of IFRS 17
- Identify the impact of IFRS 17 on insurance contracts and business operations
- Develop the skills to apply IFRS 17 in various insurance contexts
- Implement IFRS 17 in a practical and effective manner
- Analyze and interpret the financial reporting implications of IFRS 17
Course Outline Module 1: Introduction to IFRS 17
- Overview of IFRS 17 and its objectives
- History and evolution of insurance accounting standards
- Key principles and concepts of IFRS 17
- Scope and applicability of IFRS 17
Module 2: Key Concepts and Definitions
- Definition of an insurance contract
- Identification of insurance contracts within the scope of IFRS 17
- Understanding the concept of insurance risk
- Distinguishing between insurance and non-insurance contracts
Module 3: Measurement Models
- Overview of the three measurement models under IFRS 17
- General Measurement Model (GMM)
- Premium Allocation Approach (PAA)
- Variable Fee Approach (VFA)
- Comparison and contrast of the measurement models
Module 4: Contract Boundary and Combination
- Determining the contract boundary
- Identifying and combining insurance contracts
- Assessing the impact of contract boundary and combination on financial reporting
Module 5: Insurance Contract Revenue and Expenses
- Understanding insurance contract revenue
- Recognizing and measuring insurance contract expenses
- Accounting for insurance contract revenue and expenses under IFRS 17
Module 6: Insurance Contract Liability and Asset
- Measuring insurance contract liabilities
- Recognizing and measuring insurance contract assets
- Understanding the impact of insurance contract liability and asset on financial reporting
Module 7: Disclosure Requirements
- Understanding the disclosure requirements under IFRS 17
- Preparing and presenting the required disclosures
- Analyzing and interpreting the disclosures
Module 8: Transition and Implementation
- Understanding the transition requirements under IFRS 17
- Planning and implementing IFRS 17
- Managing the impact of IFRS 17 on business operations and financial reporting
Module 9: Practical Applications and Case Studies
- Applying IFRS 17 to real-world insurance contracts
- Analyzing and interpreting the financial reporting implications of IFRS 17
- Best practices for implementing IFRS 17
Course Features - Interactive and Engaging: The course includes interactive elements, such as quizzes, discussions, and hands-on projects, to keep participants engaged and motivated.
- Comprehensive and Up-to-date: The course covers all aspects of IFRS 17, ensuring that participants have a thorough understanding of the standard and its implications.
- Personalized Learning: The course is designed to accommodate different learning styles and preferences, allowing participants to learn at their own pace.
- Practical and Real-world: The course includes real-world examples and case studies, enabling participants to apply their knowledge in practical scenarios.
- Expert Instructors: The course is taught by experienced professionals with expertise in IFRS 17 and insurance accounting.
- Certification: Participants receive a certificate upon completion of the course, issued by The Art of Service.
- Flexible Learning: The course is available online, allowing participants to access the material at any time and from any location.
- User-friendly: The course is designed to be user-friendly, with easy navigation and clear instructions.
- Mobile-accessible: The course is optimized for mobile devices, enabling participants to access the material on-the-go.
- Community-driven: The course includes a discussion forum, where participants can interact with each other and with the instructors.
- Actionable Insights: The course provides actionable insights and practical advice, enabling participants to apply their knowledge in real-world scenarios.
- Hands-on Projects: The course includes hands-on projects, enabling participants to apply their knowledge in practical scenarios.
- Bite-sized Lessons: The course is divided into bite-sized lessons, making it easy to digest and retain the information.
- Lifetime Access: Participants have lifetime access to the course material, enabling them to review and refresh their knowledge at any time.
- Gamification: The course includes gamification elements, such as quizzes and challenges, to keep participants engaged and motivated.
- Progress Tracking: The course includes progress tracking, enabling participants to monitor their progress and stay on track.
Upon Completion Participants who complete the course will receive a certificate issued by The Art of Service, demonstrating their expertise and knowledge in IFRS 17 implementation for insurance contracts.,
- Understand the principles and requirements of IFRS 17
- Identify the impact of IFRS 17 on insurance contracts and business operations
- Develop the skills to apply IFRS 17 in various insurance contexts
- Implement IFRS 17 in a practical and effective manner
- Analyze and interpret the financial reporting implications of IFRS 17
Course Outline Module 1: Introduction to IFRS 17
- Overview of IFRS 17 and its objectives
- History and evolution of insurance accounting standards
- Key principles and concepts of IFRS 17
- Scope and applicability of IFRS 17
Module 2: Key Concepts and Definitions
- Definition of an insurance contract
- Identification of insurance contracts within the scope of IFRS 17
- Understanding the concept of insurance risk
- Distinguishing between insurance and non-insurance contracts
Module 3: Measurement Models
- Overview of the three measurement models under IFRS 17
- General Measurement Model (GMM)
- Premium Allocation Approach (PAA)
- Variable Fee Approach (VFA)
- Comparison and contrast of the measurement models
Module 4: Contract Boundary and Combination
- Determining the contract boundary
- Identifying and combining insurance contracts
- Assessing the impact of contract boundary and combination on financial reporting
Module 5: Insurance Contract Revenue and Expenses
- Understanding insurance contract revenue
- Recognizing and measuring insurance contract expenses
- Accounting for insurance contract revenue and expenses under IFRS 17
Module 6: Insurance Contract Liability and Asset
- Measuring insurance contract liabilities
- Recognizing and measuring insurance contract assets
- Understanding the impact of insurance contract liability and asset on financial reporting
Module 7: Disclosure Requirements
- Understanding the disclosure requirements under IFRS 17
- Preparing and presenting the required disclosures
- Analyzing and interpreting the disclosures
Module 8: Transition and Implementation
- Understanding the transition requirements under IFRS 17
- Planning and implementing IFRS 17
- Managing the impact of IFRS 17 on business operations and financial reporting
Module 9: Practical Applications and Case Studies
- Applying IFRS 17 to real-world insurance contracts
- Analyzing and interpreting the financial reporting implications of IFRS 17
- Best practices for implementing IFRS 17
Course Features - Interactive and Engaging: The course includes interactive elements, such as quizzes, discussions, and hands-on projects, to keep participants engaged and motivated.
- Comprehensive and Up-to-date: The course covers all aspects of IFRS 17, ensuring that participants have a thorough understanding of the standard and its implications.
- Personalized Learning: The course is designed to accommodate different learning styles and preferences, allowing participants to learn at their own pace.
- Practical and Real-world: The course includes real-world examples and case studies, enabling participants to apply their knowledge in practical scenarios.
- Expert Instructors: The course is taught by experienced professionals with expertise in IFRS 17 and insurance accounting.
- Certification: Participants receive a certificate upon completion of the course, issued by The Art of Service.
- Flexible Learning: The course is available online, allowing participants to access the material at any time and from any location.
- User-friendly: The course is designed to be user-friendly, with easy navigation and clear instructions.
- Mobile-accessible: The course is optimized for mobile devices, enabling participants to access the material on-the-go.
- Community-driven: The course includes a discussion forum, where participants can interact with each other and with the instructors.
- Actionable Insights: The course provides actionable insights and practical advice, enabling participants to apply their knowledge in real-world scenarios.
- Hands-on Projects: The course includes hands-on projects, enabling participants to apply their knowledge in practical scenarios.
- Bite-sized Lessons: The course is divided into bite-sized lessons, making it easy to digest and retain the information.
- Lifetime Access: Participants have lifetime access to the course material, enabling them to review and refresh their knowledge at any time.
- Gamification: The course includes gamification elements, such as quizzes and challenges, to keep participants engaged and motivated.
- Progress Tracking: The course includes progress tracking, enabling participants to monitor their progress and stay on track.
Upon Completion Participants who complete the course will receive a certificate issued by The Art of Service, demonstrating their expertise and knowledge in IFRS 17 implementation for insurance contracts.,
- Interactive and Engaging: The course includes interactive elements, such as quizzes, discussions, and hands-on projects, to keep participants engaged and motivated.
- Comprehensive and Up-to-date: The course covers all aspects of IFRS 17, ensuring that participants have a thorough understanding of the standard and its implications.
- Personalized Learning: The course is designed to accommodate different learning styles and preferences, allowing participants to learn at their own pace.
- Practical and Real-world: The course includes real-world examples and case studies, enabling participants to apply their knowledge in practical scenarios.
- Expert Instructors: The course is taught by experienced professionals with expertise in IFRS 17 and insurance accounting.
- Certification: Participants receive a certificate upon completion of the course, issued by The Art of Service.
- Flexible Learning: The course is available online, allowing participants to access the material at any time and from any location.
- User-friendly: The course is designed to be user-friendly, with easy navigation and clear instructions.
- Mobile-accessible: The course is optimized for mobile devices, enabling participants to access the material on-the-go.
- Community-driven: The course includes a discussion forum, where participants can interact with each other and with the instructors.
- Actionable Insights: The course provides actionable insights and practical advice, enabling participants to apply their knowledge in real-world scenarios.
- Hands-on Projects: The course includes hands-on projects, enabling participants to apply their knowledge in practical scenarios.
- Bite-sized Lessons: The course is divided into bite-sized lessons, making it easy to digest and retain the information.
- Lifetime Access: Participants have lifetime access to the course material, enabling them to review and refresh their knowledge at any time.
- Gamification: The course includes gamification elements, such as quizzes and challenges, to keep participants engaged and motivated.
- Progress Tracking: The course includes progress tracking, enabling participants to monitor their progress and stay on track.