Toronto

GID 9011 IFRS 17 Implementation & Actuarial Challenges (2 days): 16-17 December 2021 @ Toronto

£2,200.00

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Course Introduction

IFRS 17 Implementation and Actuarial Challenges Workshop (including recent amendments)

This new standard IFRS 17 shall become effective from 1 January 2023, therefore, the countdown for implementation has started.

With the introduction of IFRS 17, the actuarial involvement has significantly deepened and broadened in the industry.  It is clear now that the actuarial input is absolutely essential to assure both the technical correctness and clarity of the approach proposed in the accounting standard.

The actuarial teams shall now need to implement a new valuation basis requiring changes to the actuarial model, data, methodologies, contract boundaries and also areas which were previously not the responsibilities of actuaries (such as the calculation of revenue and CSM will also rely on probability-based assessment) may now fall to the responsibility of actuaries.  The actuaries now need to have more close coordination with the finance teams.

IFRS 17 Insurance Contracts will require a close cooperation between accountants and actuaries, much more than other accounting standards applied so far.  This course will focus on the actuarial work to be done for IFRS 17, providing the necessary context as well as the specific treatment of active and passive reinsurance.

The implementation of IFRS 17 will be a major challenge to insurers and investors, fundamentally changing accounting and reporting practices. This course shall will help actuaries in understanding and debating a clear roadmap for implementing the IFRS 17 and how far the actuarial model needs to be modified and redesigned.

We have created this two-day in-depth workshop to give you a detailed insight into this new standard and implementation challenges involved.

 

What would you gain from this course?

The programme shall cover all the actuarial aspects of IFRS 17 and the overall implementation challenges and best solutions.

  • In-depth understanding of the Building Blocks Approach (BBA), Premium Allocation Approach (PAA) and Variable Fees Approach (VFA) under IFRS 17;
  • Impact on Actuarial Modelling;
  • Risk adjustment and deferral of up-front profits through the Contractual Service Margin (CSM);
  • How the risk adjustment should be calculated to reflect management’s appetite for risk over the run-off of the claims reserves.
  • The extent to which the illiquidity of cash flows should consider in the discount rates.
  • Impact on the following type of contracts:
    • Long-term and whole life insurance;
    • Inflation-linked annuity contracts;
    • Immediate annuities;
    • Universal life-type contracts;
    • Reinsurance written
    • general insurance contract
    • Short-term general insurance
    • Short-term life and certain group contracts
    • Unit-linked contracts;
    • Continental European 90/10 contract and many more
  • Understand how claims’ reserves and insurance liabilities would be impacted;
  • overview of financial reporting requirements for insurers;
  • Highlighting some common pitfalls to avoid;
  • Detailed worked examples and case studies will be integrated into the course to reinforce key points;
  • How to present insurance contracts;
  • Better understanding of drivers of income statement volatility and insurance liabilities;
  • Enhanced processes and controls for insurance contracts and related liabilities.

Instructor Bio

Our trainers have specialist knowledge and first-hand experience of implementing the International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), Generally Accepted Accounting Principles (USGAAP), Risk management strategies, Management practices, Compliance matters such as Basel regulations, Solvency II, Anti Money Laundering regulations and number of other evolving regulatory matters. This ensures an engaging and stimulating learning experience for professionals and senior executives, helping to ensure knowledge is retained.
They understand the accounting and regulatory requirements, risk environment, industry issues and challenges, risk management strategies, financial reporting & disclosure requirements, and compliance environment. They impart their knowledge using real-life industry examples, simple and user-friendly presentation of important concepts/approaches and case studies.

Instructor For This Program:

Shasat Faculty

Course Description

Day one

  • Session 1: Introduction & amp; scope of IFRS 17
    • Applicability,
    • Key principles,
    • Contracts in scope,
    • Grouping of contracts
  • Session 2: The general accounting model:
    • Fulfilment cash flows and their estimation,
    • Risk adjustment,
    • Contractual service margin;
    • onerous contracts, and
    • loss component,
    • Initial recognition
    • Subsequent measurements and changes,
    • Separating components
  • Session 3: Modelling challenges
    • Modelling cash flow projections
    • Best estimate assumptions
    • Stochastic vs deterministic approaches
    • Differences to Solvency II cash flows
    • Risk adjustment: quantification and amortization pattern
    • Differences to Solvency II risk margin
  • Session 4: Presentation and disclosure:
    • Statement of position;
    • Statement of income or expense,
    • Statement of cash flows;
    • Disclosure requirements and reconciliations

Day two

  • Session 5: Other Approaches
    • Premium allocation approach;
    • Variable fee approach;
    • Requirements,
    • How to execute
  • Session 6: Reinsurance contracts:
    • Accounting for reinsurance contracts;
    • Effect of reinsurance;
    • contracts,
    • Difference to insurance contracts
  • Session 7: Required processes and inputs:
    • Discounting,
    • Actuarial processes required;
    • Relation to risk processes;
    • Accounting systems
  • Session 8: Contracts with participation features and transition

Why you must attend?

With more and more countries adopting the IFRS as their accounting standards (almost over 140 countries) and also due to regular revisions and replacement of existing standards & principles, you must continue to develop your conceptual and practical understanding of IFRSs.  If you intend to use IFRS for the first time then you must have the required knowledge and skills to implement the IFRSs, be able to understand how this transition affects company’s reporting, and what it means going forward.

We have designed this course to give you all the required knowledge, skills and understanding to deal with the implementation challenges in relation to IFRS 17.  We have one of the best and most experienced faculties in the world, with over 15 years of IFRS implementation experience in the European region and working with a number of clients in the emerging markets.

Class sizes are limited (Maximum 10 participants per class) to preserve maximum interactivity and to enhance the fulfillment of learning outcomes. Some of the key features of our training courses are:

  • Expert IFRS instructors with field experience;
  • Distinct scenarios, examples and case studies to explain concepts and methodologies;
  • A firm grounding for developing skills and competencies essential for financial reporting
  • Access to IFRS templates, tools, models and resources
  • Opportunities to discover new career path in IFRS/US GAAP

Teaching methodology

  • User-friendly slide deck which summarises the concept, methodology, and principles in a simplest possible manner;
  • Interactive sessions with real-life case studies;
  • Concepts and methodologies are explained using examples and distinct scenarios;
  • Group exercises to illustrate accounting principles;
  • Discussion on GAAP differences, industry issues, and diversity in practices
  • Additional course material and handouts to all the attendees
  • Participants are encouraged to ask questions.

Who should attend?

This course is suitable for professionals (beginners to specialists) from all industry groups.  Examples of some of the roles that will benefit from this course are:

  • Actuaries
  • Chief Financial Officers/ Finance Directors;
  • Finance executives
  • Corporate finance function;
  • Accountants / Financial Controllers
  • Financial Reporting Executives
  • Treasurer
  • Budget Officers / Forecasting Specialists;
  • Auditors (internal/External)
  • Risk managers
  • Merchant bankers
  • Tax Directors /managers
  • Regulators;
  • Academicians
  • Accountancy students
  • Analysts
  • Fund Managers and Investors
  • Strategic and Financial Planners
  • Private Equity and M&A Specialists
  • Investment Bankers
  • Corporate Bankers
  • Investment Managers
  • Senior operations managers

Feedback

All delegates will receive an evaluation questionnaire upon completion of the course. The feedback from these questionnaires allows Shasat to conduct trend analysis and continuously approve the quality of its learning solutions.

Venue & other info

All our training courses are organised at one of the recognised professional training facilities or training facilities at one of the 4 to 5 star hotels in the city.  We will send you the joining instructions with venue details at least 2 weeks before the commencement of the training program.  We provide tea/coffee, snacks and lunch during the duration of this course. You are responsible to organise your accommodation.

Changes to the conference:

Shasat may at its sole discretion change the format, speakers, participants, content, venue location and programme or any other aspect of the Conference at any time and for any reason, whether or not due to a Force Majeure Event, in each case without liability.

Sponsorship Opportunities

If you are seeking to profile your products, expertise and experience in the field of Financial Instrument then the Shasat will endeavour to assist your business objectives with opportunities such as:

Brand exposure

  • Targeted brand awareness and the association of your company with this area of expertise.

Thought leadership

  • Present your expertise to a targeted group of industry leaders.

Product demonstrations

  • Exhibit your products to new prospective clients already attending this conference.

Networking

We will provide you with a platform to meet face to face with a room full of potential clients and exhibit the benefit of your services. For more information on how Shasat can help you meet your marketing objectives, Contact our customer service team at info@shasat.com

Data protection

The personal information which you provide to us will be held by us in our database. You agree that Shasat may share this information with other companies in the Shasat Group. Occasionally your details may be made available to selected third parties who wish to communicate with you offers related to your business activities. If you do not wish to receive these offers please contact the database manager at: info@shasat.com

For more information about how Shasat (UK) Limited use the information you provide please see our privacy policy at: http://www.shasat.co.uk.com.   If you do not wish your details to be available to companies in the Shasat Group or selected third parties, please contact the customer service at info@shasat.com.

Payment

In order to enrol for this programme, you can either make the payment online through our website or you can opt to make the payment via bank transfer/Demand draft/Cheque payment. Our payment web page will give you all the necessary options at the time of check out. Should you face any difficulty, please do not hesitate to contact us with your selected course and our customer services team will be happy to guide you through the payment process. You must also bear all the bank charges in relation to payment of course fees and payment must be made at least 3 weeks before the course date. Registration will be confirmed upon receipt of payment and completion of registration form only.

Group discount

We offer a group discount of 15% if you book a course for 4 or more people. Please contact our customer services desk at info@shasat.com to discuss further on how to obtain a group discount code.

CPD hours

Each participant will be issued a training certificate which will certify that you have successfully completed the training course and the number of hours you spent to complete this training course.

Enquiries

Please contact our Customer Service for further assistance at info@shasat.com

In-House Training

Besides our wide range of public courses, we are proud to offer our In-house training services to our Global clients. This form of training is tailored to meet your business needs and also an effective way of training your teams which saves time and money and will improve the productivity of your employees, making your business more competitive. If you would like to run this course as an In-house programme in your organisation with the necessary customization to suit your needs then please contact us today to discuss this further.