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IFRS 17 Insurance Contracts - The Fundamentals

BPP Professional Education
Course summary
3 hours
315 GBP excl. VAT
London, Online courses
Professional Training

Course description

IFRS 17 Insurance Contracts - The Fundamentals

IFRS 17 is the long awaited replacement to IFRS 4 which was a temporary standard issued in 2004 to coincide with the introduction of IFRS Standards for EU listed entities and which permits a wide variety of accounting treatments for insurance contracts.

IFRS 17 was originally scheduled to be effective for periods commencing on/after 1 January 2021, although the effective date has now been delayed to 1 January 2022.

The objective of IFRS 17 is to provide increased transparency of the profitability of insurance companies, and to provide enhanced comparability between the financial statements of insurance companies worldwide.

Suitability - Who should attend?

Delegates

This half day course will benefit anyone who requires an overview of the new accounting standard for insurance contracts - IFRS 17.

Outcome / Qualification etc.

On completion of the course you will be able to:

  • Identify which transactions are within the scope of IFRS 17
  • Determine whether non-insurance elements require separation
  • Understand the fundamentals of the General Measurement Model
  • Apply the Premium Allocation Approach

Training Course Content

  • The nature of insurance contracts
  • The alternative models
  • The General Measurement Model
    • Separation of non-insurance elements
    • Grouping of insurance contracts
    • Initial measurement:
      • Fulfilment cash flows
      • The contractual service margin
    • Subsequent measurement
      • The liability for remaining coverage
      • The liability for incurred claims
      • Income statement amounts
      • Potential bifurcation
    • Illustrative examples
      • Onerous and profitable contracts
      • The impact of discounting
    • The Premium Allocation Approach
      • Circumstances for use
      • Illustration of accounting

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BPP Professional Education

BPP Professional Education -  Accountancy, Tax, Financial Services, Law & Insolvency Courses

BPP Professional Education is one of the specialist examination-based and professional development training arm of the BPP Group, Europe's biggest professional education and publishing provider with 2,000 staff members across 40 countries and over 30,000 students per year. BPP Professional Education...


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BPP Professional Education

3 London Wall Buildings
EC2M 5PD London

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