Implementing IFRS 17 Insurance Contracts
Presenters : Caryn Maitland CA(SA)
Overview
IFRS 17 Insurance Contracts is the first truly international accounting standard for insurance contracts. The importance of this Standard is that it is not just limited to the insurance industry but may be a trigger for transactions in other industries that meet the definition of an insurance contract.
Effective for annual reporting periods beginning on or after 1 January 2023, IFRS 17 replaces IFRS 4 and sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts.
Learning objectives
By attending this webinar you will gain the following competencies:
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Have an understanding of the scope and full definitions of insurance contracts.
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Be able to identify whether you are subject to the standard and which of your transactions will be relevant.
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Fully understand all the mechanics of accounting for insurance contracts.
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Confidence in applying the correct measurement models to insurance contracts.
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Have an awareness of the disclosure requirements prescribed by the Standard.
Content
The webinar will cover the following topics:
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What is an insurance contract?
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IFRS 17 - important definitions
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Who is affected by the Standard?
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Simplified measurement approach vs premium allocation approach
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Comparative between IFRS 4 and IFRS 17
