IFRS 17 Implementation and Financial Reporting Workshop
Welcome to our IFRS 17 Implementation and Financial Reporting Workshop!
As we approach 2024, a landmark year for the insurance industry, companies are gearing up for their first financial statements under the new IFRS 17 standard. Introduced on January 1, 2023, IFRS 17 represents a significant shift in financial reporting for insurance companies. Despite ongoing efforts, many insurers are still grappling with the complexities of IFRS 17 compliance, with some barely crossing the threshold in time for the initial presentations.
The journey towards full compliance with IFRS 17 has been challenging. This standard introduces intricate changes in financial reporting, requiring comprehensive adjustments in valuation models, data handling, and reporting methodologies. The transition impacts various aspects of insurance companies, including their financial, data management, and reporting systems.
Our workshop, available both online and in-person (two-day), is a deep dive designed to navigate these complexities. It offers a thorough understanding of IFRS 17’s requirements and practical guidance on tackling the implementation challenges. This course is especially crucial as companies prepare for 2024, a critical year when the full effects of IFRS 17 on financial reporting will become apparent.
Join us to gain essential insights and skills in IFRS 17 implementation and financial reporting, ensuring your readiness for this new era in insurance accounting. Let’s embark on this journey to ensure your organization is well-prepared and ahead in the realm of IFRS 17 compliance.
Key Learning Features
- Comprehensive coverage of all 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.
- Analysis of the impact of IFRS 17 on actuarial modelling and risk adjustment.
- Insight into the calculation of the Contractual Service Margin (CSM) for deferral of up-front profits.
- Understanding how to calculate the risk adjustment to reflect management’s appetite for risk over the run-off of the claims reserves.
- Examination of the impact of illiquidity of cash flows on discount rates.
- Analysis of the impact of IFRS 17 on a wide range of contracts, including long-term and whole life insurance, inflation-linked annuity contracts, immediate annuities, universal life-type contracts, reinsurance written, general insurance contracts, short-term general insurance, short-term life and certain group contracts, unit-linked contracts, Continental European 90/10 contracts, and more.
- Understanding how claims’ reserves and insurance liabilities would be impacted.
- Overview of financial reporting requirements for insurers.
- Identification of common pitfalls to avoid.
- Integration of detailed work examples and case studies to reinforce key points.
- Understanding of how to present insurance contracts.
- Insight into the drivers of income statement volatility and insurance liabilities.
- Enhancement of processes and controls for insurance contracts and related liabilities.
- Examination of the technical issues raised by Actuarial Associations worldwide.
By completing this course, you will acquire an in-depth understanding of IFRS 17 and its substantial impact on financial reporting in the insurance industry. This knowledge will empower you to identify the key challenges and optimal solutions for implementing IFRS 17 effectively. You will gain a comprehensive grasp of the financial reporting requirements specific to insurers under this new standard. The course also includes practical learning through detailed work examples and case studies, equipping you with the skills to enhance processes and controls for insurance contracts and related financial liabilities. This expertise is crucial for finance professionals navigating the complexities of IFRS 17 and striving to maintain accuracy and compliance in their organization’s financial practices.
Global Program Schedule and Hosting Opportunities
Our program has been scheduled in multiple cities worldwide. For a comprehensive schedule and to find a session in your area, please explore the following links. If you are interested in organizing this program in your city, we encourage you to contact us for collaboration opportunities and more information.
Online | London | Zurich | Lima | Dubai | Jakarta | Cape Town | Hong Kong | Kuala Lumpur | Mauritius | Seoul | Rio de Janeiro
For More Information
Please contact our customer service team for more information about our IFRS 17 Training Program and to enroll. Our team is dedicated to providing you with excellent service and answering any questions you may have. We look forward to hearing from you and helping you take the next step in your professional development.
Our trainers have specialist knowledge and first-hand experience in implementing the International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), Generally Accepted Accounting Principles (USGAAP), UK GAAP, Risk management strategies, Valuations, Mergers & Acquisitions, Corporate Governance, Environmental, social, and corporate governance (ESG) reporting, Supply Chain Management, Prudential regulations, Compliance matters (such as Basel regulations, Solvency II, Anti Money Laundering regulations and a number of other evolving regulatory matters) and a whole range of professional development programs (e.g., Negotiations Skills, Presentation Skills, Data Management, Python, Block-Chain, Digital Assets, Becker CPA etc.)
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 presentations of important concepts/approaches and case studies.
Instructor for this course
Our Partners in Learning
Session 1: Introduction & Scope of IFRS 17
- Understand the applicability of IFRS 17 and its key principles
- Learn about the contracts in scope and grouping of contracts
Session 2: The General Accounting Model
- Understand the fulfilment cash flows and their estimation
- Learn about risk adjustment, contractual service margin, onerous contracts, and loss component
- Understand the initial recognition, subsequent measurements, and changes
- Learn about separating components
Session 3: Modelling Challenges
- Learn how to understand cash flow projections
- Understand best estimate assumptions and stochastic vs deterministic approaches
- Learn about differences to Solvency II cash flows
- Understand risk adjustment quantification and amortization pattern
- Learn about differences to Solvency II risk margin
Session 4: Presentation and Disclosure
- Learn about the statement of position, statement of income or expense, and statement of cash flows
- Understand the disclosure requirements and reconciliations
Session 5: Other Approaches
- Learn about the premium allocation approach and variable fee approach
- Understand the requirements and how to execute them
Session 6: Reinsurance Contracts
- Learn how to account for reinsurance contracts
- Understand the effect of reinsurance contracts and the differences to insurance contracts
Session 7: Required Processes and Inputs
- Understand discounting and the actuarial processes required
- Learn about the relation to risk processes and accounting systems
Session 8: Contracts with Participation Features and Transition
Understand contracts with participation features and how to handle the transition to IFRS 17.
Group Case Studies
The course agenda provided herein is the proprietary intellectual property of Shasat. It is intended solely for the use of participants enrolled in the respective course. Any reproduction, distribution, or unauthorized use of this course agenda, in whole or in part, without the explicit written consent of Shasat, is strictly prohibited and may result in legal action.
All rights reserved. ©2023, Shasat
Why you must attend?
This IFRS 17 Implementation and Financial Reporting Workshop is an essential event for financial professionals in the insurance industry. This workshop is designed to impart a profound understanding of IFRS 17’s technical aspects and its organizational implications, equipping you with the expertise to adeptly manage this complex standard’s implementation.
As the insurance sector progresses towards embracing IFRS 17, it’s imperative for financial professionals to unravel the intricacies of this standard to ensure their organizations remain at the forefront of industry developments. Our workshop delves deep into the nuances of IFRS 17, focusing on its financial reporting implications and the challenges and opportunities it presents.
Participation in this workshop promises not only a rich learning experience but also the chance to absorb invaluable insights on optimizing IFRS 17 implementation within your organization. Engage with leading experts, share experiences, and network with peers, enhancing your professional acumen. We aim to provide a comprehensive perspective on IFRS 17’s impact on your business and furnish you with the strategic tools for its effective implementation.
Seize this opportunity to elevate your professional standing in the dynamic landscape of the insurance industry. Register now for a transformative experience that will enrich your expertise and position you to excel in your field. Join us for an enlightening and impactful journey into the world of IFRS 17.
The IFRS 17 workshop has been designed to provide a comprehensive and engaging approach to learning for all finance and accounting professionals in the insurance industry including auditors and regulators. The teaching methodology includes:
- A user-friendly slide deck that presents the concepts, methodologies, and principles in a clear and concise manner, making the material easily accessible to all attendees.
- Interactive sessions featuring real-life case studies to provide hands-on experience and bring the material to life.
- Explanations of concepts and methodologies through the use of examples and distinct scenarios, allowing attendees to understand the material in context.
- Group exercises designed to illustrate accounting principles, encouraging collaboration and fostering a deeper understanding of the material.
- Discussions on GAAP differences, industry issues, and diversity in practices, providing attendees with a well-rounded understanding of the subject matter.
- Access to additional course material and handouts, ensuring attendees have a comprehensive reference resource to support their learning.
- An open and inclusive atmosphere that encourages attendees to ask questions and engage in discussion, ensuring a thorough understanding of the material.
Whether you are new to IFRS 17 or an experienced professional, the workshop offers a dynamic and engaging learning experience that will support your professional development.
Who should attend?
The IFRS 17 Program has been designed for a wide range of professionals, including:
- Finance professionals
- Financial Controllers
- Those involved in IFRS 17 implementation
- Regulatory Professionals
- Internal and external auditors
- Risk managers
- Regulatory and Solvency II professionals
- Capital market watch experts
- Market research analysts
- Rating agency professionals
While the IFRS 17 Program has been designed with specific professionals in mind, it is also open to anyone who is interested in gaining a deeper understanding of IFRS 17 and its impact on the insurance industry. The program offers a comprehensive overview of the standard and its requirements, providing participants with the knowledge and skills they need to navigate the complex world of insurance accounting. Whether you are a seasoned professional or just starting out in your career, the IFRS 17 Program offers valuable insights and practical guidance to help you succeed. With a focus on real-world examples and case studies, the program is accessible and engaging for participants at all levels. So, no matter your background or experience, if you are interested in learning more about IFRS 17, this program is for you.
Upon completion of the course, all delegates will receive an evaluation questionnaire aimed at gathering valuable feedback. This feedback is crucial to Shasat’s ongoing commitment to improving the quality of its learning solutions. By analyzing the trends in the responses, we are able to continuously enhance and refine our offerings to meet the evolving needs of our clients.
Venue & other info
Our training programs take place at the most prestigious professional training facilities in the city. Our venues have been meticulously chosen and expertly crafted to deliver an unparalleled and sophisticated learning experience. To further elevate your training journey, we will offer an array of refreshments including gourmet tea/coffee, delectable snacks, and a sumptuous lunch to sustain you throughout the course. Your comfort and satisfaction are of the utmost importance to us. One week before the program begins, you will receive comprehensive joining instructions that include the exact venue details.
Please note that accommodation arrangements are the responsibility of the attendee.
Workshop Delivery (Online Programs)
The workshop will be delivered via the WebEx platform. Upon registration, all participants will receive comprehensive joining instructions for the live workshop. This fully virtual event will encompass a live-streamed presentation, personalized networking opportunities, interactive Q&A sessions, engaging polls, and post-event consultation to address specific concerns and support your continued growth.
Please be advised that for all in-person training programs, joining instructions will be sent via email to registered participants one week prior to the program’s commencement. These instructions will provide comprehensive information regarding the venue location, date, and time, as well as other important details such as parking arrangements, dress code, and any necessary equipment or materials. Kindly ensure that you carefully review the joining instructions and follow the guidelines provided to ensure a smooth and well-organized experience during the program.
Changes to the conference
Shasat reserves the right, at its sole discretion, to make modifications to the format, speakers, participants, content, venue location, program, or any other aspect of the conference, at any time and for any reason, without incurring any liability. This policy has been implemented due to recent events such as the Covid-19 pandemic and other jurisdictional restrictions. These modifications may include but are not limited to, changes necessitated by a Force Majeure Event.
We are pleased to offer sponsorship opportunities for our training programs, providing companies with a unique platform to showcase their brand and services to a highly engaged and relevant audience. By becoming a sponsor, your organization will have the opportunity to build brand awareness, demonstrate thought leadership, and cultivate valuable relationships with industry professionals. Our programs offer a platform to reach a targeted audience and generate new business leads while showcasing your expertise. The benefits of sponsorship include increased brand exposure, opportunities to connect with key decision-makers, and a platform to promote your products and services. We invite you to take advantage of this prime opportunity and partner with us to enhance your visibility and impact within the industry.
We kindly request that you carefully review all of the terms and conditions outlined on our website. This information is critical in ensuring a clear understanding of our policies and procedures. Please follow the link provided to access this information.
Discover more about Shasat by exploring our “About Us” page, where you can gain insights into our company’s mission, values, and history, and learn how we can help you achieve your goals.
Enroll in our program with ease by choosing from our secure online payment options. You can make a payment through our website using PayPal or Stripe, or opt for a bank transfer, demand draft, or cheque payment. Our payment page will provide all necessary options during checkout. If you encounter any issues, our customer service team is here to assist you. Simply reach out to us with your selected course, and we’ll guide you through the payment process.
We kindly request that you take into consideration any associated bank fees when making your course fee payment. To ensure your participation in the program, payment must be received before the course date. Once we have received both payment and a completed registration form, we will confirm your enrollment in the program. Thank you for your understanding and cooperation.
Our company is proud to offer a group discount of 15% for organizations or individuals who book a course for 5 or more participants. To take advantage of this offer and receive a personalized group discount code, please reach out to our customer service desk at [email protected]. Our team will be delighted to assist you with the booking process and answer any questions you may have. With this group discount, you can invest in the professional development of your team and drive success for your organization. Don’t hesitate to contact us today to learn more.
Upon successful completion of the training course, each participant will receive a certificate of completion that attests to the number of hours spent in training and serves as a valuable representation of their dedication to professional development. The certificate is not only a symbol of their achievement but also serves as proof of continuous professional development (CPD) and demonstrates their commitment to staying current in their field. We believe that CPD is a crucial aspect of career advancement and personal growth, and are proud to provide our participants with this important document.
For further assistance, we invite you to contact our dedicated customer service team. Our experienced and knowledgeable representatives are available to answer any questions you may have and provide the support you need to make informed decisions. We are committed to ensuring that you have a positive experience and are here to help in any way we can. Please don’t hesitate to reach out to us at your convenience.
Enhance your team’s skills and drive success for your business with our custom In-house training program. Our tailored approach aligns with your specific business needs, offering a cost and time-efficient solution for upskilling your employees. This not only improves their productivity but also positions your company as a competitive force in the market. Transform your investment in employee development into tangible results by choosing our In-house training option. To discuss and learn more about our services, please don’t hesitate to contact our training desk. We’re ready to help you create a bespoke program that’s just right for you.