IFRS 17 Insurance Contracts Course in London

Mastering the Recognition, Measurement, Presentation, and Disclosure of Insurance Contracts

IFRS 17 Insurance Contracts establishes a comprehensive accounting framework for insurance contracts, providing greater consistency and transparency in how insurers recognise, measure, present, and disclose their insurance activities. Applying the standard requires a clear understanding of contract classification, aggregation, measurement models, contractual service margins, financial performance, and the treatment of insurance-related risks.

The IFRS 17 Insurance Contracts course provides participants with a structured understanding of the standard and its practical implications for insurance accounting and financial reporting. The programme covers scope and recognition, contract boundaries, levels of aggregation, measurement approaches, reinsurance contracts, contracts with participation features, modifications and derecognition, presentation, disclosure, and transition requirements.

The course also examines the interaction between IFRS 17 and IFRS 9 Financial Instruments, particularly in areas relevant to insurers' financial assets, impairment, classification, and accounting mismatches. Through practical examples and accounting scenarios, participants develop the knowledge required to interpret IFRS 17 requirements and understand their impact on insurers' financial statements.

You'll Learn How To

• Understand the purpose, scope, and key principles of IFRS 17.
• Explain the evolution of accounting requirements for insurance contracts.
• Identify contracts that fall within the scope of IFRS 17.
• Understand insurance contract boundaries and their accounting implications.
• Separate relevant components from insurance contracts where required.
• Apply IFRS 17 requirements for grouping and aggregation.
• Determine the appropriate timing for initial recognition.
• Understand the General Measurement Model.
• Apply the Premium Allocation Approach where eligibility requirements are met.
• Understand the Variable Fee Approach for qualifying contracts with direct participation features.
• Identify the principal components used to measure insurance contract liabilities.
• Understand fulfilment cash flows and the contractual service margin.
• Examine the accounting treatment of reinsurance contracts held.
• Understand modification and derecognition requirements.
• Analyse the impact of IFRS 17 on financial performance and financial position.
• Apply IFRS 17 presentation principles.
• Understand qualitative and quantitative disclosure requirements.
• Compare IFRS 17 transition approaches.
• Understand significant judgements and risk disclosures.
• Explain the interaction between IFRS 17 and IFRS 9.
• Understand IFRS 9 classification, measurement, and impairment concepts relevant to insurers.