IFRS 17 - Insurance Contracts

IFRS 17 will fundamentally change the accounting requirements for insurers. The insurer will need to use clear and consistent measurement models which will increase the comparability of financial statements. This will result in significant changes to how the profit will be recognised, the way the financial information will be presented, and the adoption of the standard will need extensive planning. There are a number of decisions and choices to be made when implementing the new standard.  Our IFRS 17 specialists will explain the key areas.

By the end of this course, participants will understand the following:

• The scope of the new insurance contract standards of IFRS 17
• How to choose measurement models and measure liabilities under the new approach
• The new key concept of IFRS 17 – contract boundaries, levels of aggregation, and coverage units
• Assumption setting as per new requirements, e.g. discount rates and expenses
• Risk adjustment – how this can be leveraged from current reporting
• What is the Contractual Service Marin (CSM) and why does it exist?
• The insurance service revenue concept
• Transition options and the practical challenges and implications for each chosen option
• The new presentation of financial statements and disclosure requirements
• The illustrative liabilities calculation under the new standards, as well as its key drivers of profit emergence.

Slides and materials will be provided in English and the course will be delivered in Bahasa.

Duration: 1 Day

Minimum participants: 20 person per session

Maximum participants: 40 person per session