Thursday, October 5th, 2023
In anticipation of the seismic shift set to hit the insurance industry, a comprehensive training program has been unveiled to assist professionals in grappling with the intricacies of International Financial Reporting Standard 17 (IFRS 17) implementation. Effective January 1, 2023, insurance companies worldwide are mandated to align their financial statements with IFRS 17, introducing a transformative wave of changes that demand precision and expertise.
The IFRS 17 Training Program offers a lifeline to insurance firms as they navigate the challenging landscape of compliance. While the deadline looms, many companies are still finding themselves entangled in the intricate web of unresolved accounting and actuarial issues. IFRS 17 has significantly elevated the role of actuarial teams within the industry. Their input is now indispensable for ensuring the technical correctness and clarity mandated by the accounting standard.
One of the most profound shifts introduced by IFRS 17 is the requirement for actuaries to implement a new valuation basis. This necessitates extensive changes to actuarial models, data, methodologies, and contract boundaries. Moreover, areas that were previously not under the purview of actuaries, such as the calculation of revenue and the Contractual Service Margin (CSM), now rely heavily on probability-based assessments. This underscores the imperative for closer coordination between actuarial and finance teams in the insurance companies.
Read More: https://prfree.org/@shasat/advanced-actuarial-course-on-ifrs-17-launches-with-global-scope-a7eovycz5bdx