All rights reserved. IFRS 17 IFRS 17 is the newest IFRS standard for insurance contracts and replaces IFRS 4 on January 1st 2022. IFRS 17 Insurance Contracts Training 2020 (3 Days Workshop) Accounting Workshop on IFRS by one of our core faculties of subject matter experts. IFRS 17 is the second phase of a long term project to standardise the approach taken by entities when accounting for insurance projects. The implementation of IFRS 17 is likely to be a major challenge for the insurance industry, fundamentally changing accounting and reporting practices. Your education and training needs will depend on how far along the IFRS 17 journey you are. Course content. This two-day course will focus on accounting for insurance contracts as per IFRS 17. Our comprehensive IFRS courses cover a wide range of topics, from immersion workshops to highly focused two-day events and IFRS technical updates. IFRS 17 compliance: Facing implementation of the insurance contracts standard with confidence. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. The workshop will split into groups to work through one of three case studies: personal lines, commercial lines, and inwards reinsurance. This will be followed by a consideration of the main areas of difficulty that will arise in practice in applying the model to insurance contracts. We will work with you to assess the most suitable training format for the size and nature of your business. Along with this, you also get verifiable certificates (unique certification number and your … The IFRS 17 for General Insurance Working Party's objectives are to: raise awareness of what the changes to the IFRS accounting requirements will mean for actuarial practice, particularly for those working in General Insurance encourage debate on how the requirements can be implemented effectively and pragmatically produce materials to help other actuaries understand the Global IFRS 17 Lead, Partner, PwC United Kingdom. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. This course focuses on the key technical requirements of IFRS 17, the differences from IFRS 4 and the practical issues associated with implementation. This instructor-led, live training (online or onsite) is aimed at managers who wish to gain a working understanding the IFRS 17 … Learn how revenue is calculated in IFRS 17, apply the presentation requirements to a basic insurance contract, and understand more on the reconciliations disclosed in the financial statements. It states which insurance contracts items should by on the balance and the profit and loss account of an insurance company, how to measure these items and how to present and disclose this information. Gain an overview of modifications, transfers and derecognition of insurance contracts. IFRS 17 will have wide reaching implications, and will impact staff involved with systems, data and processes, not just finance and IFRS 17 project teams. IFRS 17 replaces IFRS 4. Powered by an online conferencing tool, Zoom, we are able to bring you our extensive range of IFRS 17 courses offer something for everyone covering an essential overview of the new standard to understanding the numbers. We cut through the complex technicalities to help you understand the most pressing operational and investors relations implications for your particular business. Understand some key definitions of IFRS 17 and how they apply. This two-day course will focus on accounting for insurance contracts as per IFRS 17. The standard will have significant implications for IT systems, strategic management, business processes and employee skill sets. We will work with you to identify how far along the journey you are. Global Public Policy Committee. Shasat offers over 300 public and 150 in-house training courses every year in more than 70 cities in 6 languages covering a wide range of topics such as IFRS, USGAAP, IPSAS, Risk, Regulatory, & Compliance programs. 2019 IFRS Insurance Training Bootcamp IFRS 17 Implementation Drive. Builds on the foundational level of knowledge established in the other IFRS 17 e-learning modules in the series. This webinar is one of a series of implementation and educational materials being produced on IFRS 17. With the launch of International Financial Reporting Standard no 17 (“IFRS 17”) by the IASB in 2017, there has been a sense of urgency from regulatory … Currently, there are different accounting practices for similar insurance contracts. IFRS 17 is the International Financial Reporting Standard on accounting for insurance contracts. Those who are familiar with IFRS 17 will recognise the significance of this statement. IFRS 17 Insurance Contracts was issued by the International Accounting Standards Board (Board) on 18 May 2017. For more information or to request a demonstration. We have developed a suite of training materials to be delivered in one of three ways; via PwC facilitated training, via the comprehensive PwC IFRS 17 e-learning curriculum, or a blend of the two. A common level of understanding will get you on the right track to ensuring your IFRS 17 project achieves its objectives and budget. Options: Inhouse for teams and public programs for individuals. Like you, we believe those who understand and can apply IFRS will enjoy expanded career opportunities as the momentum to either permit or require IFRS spreads around the world. HKFRS 17 is effective for annual reporting periods beginning on or after 1 January 2023. Effective Date. The breadth and depth of knowledge required by the key stakeholders in your business will expand as you progress along this implementation path. Please see www.pwc.com/structure for further details. Understand the general approach and each of its components, apply the general approach to basic insurance contracts, and know how to measure an insurance contract using the premium allocation approach. 1. It changes fundamentally the way in which an insurance entity reports its financial dimensions and results for a given period and over time. There have been substantial efforts put into the development of IFRS 17 to ensure that insurers reflect the effect of economic changes in their financial statements in a timely and transparent way. Set preferences for tailored content suggestions across the site. IFRS 17 Education Training Programme Get your teams prepared for IFRS 17 The implementation of IFRS 17 is likely to be a major challenge for the insurance industry, fundamentally changing accounting and reporting practices. Save for later; The Deloitte insurance bootcamp is an annual event organised for the insurance industry. Establish foundation-level knowledge of the standard and its scope. IFRS 17 will come into effect in just under four years’ time. Understand what the level of aggregation is in IFRS 17 and how to apply the concept. We will engage with you through an initial “Training Needs Assessment” to identify the format, level of detail, audience and content of the training programme that will best suit your needs, whether that be through a self-led e-learning curriculum, one time PwC-led training sessions as and when required, or through a tailored long-term training programme which will run alongside your wider IFRS 17 implementation programme. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. © 2017 - Mon Dec 21 18:46:57 UTC 2020 PwC. Additionally, please see a list of the Institute’s upcoming training for HKFRS 17 here. To provide all levels of staff with a solid understanding of IFRS 17 and know how it relates to your business, our comprehensive e-learning educates your people, where and when they need it. Currently, there are different accounting practices for similar insurance contracts. IFRS 17 replaces IFRS 4. This IFRS 17 one day training course will commence with a review of the basics of the general accounting model for insurance contracts using a worked numbers example. IFRS Training Courses. The Board has been undertaking a number of activities to support implementation of the Standard, and has established a Transition Resource Group. Maximum upto 15 participate per session. IFRS 17 will have wide reaching implications, and will impact staff involved with systems, data and processes, not just finance and IFRS 17 project teams. The implementation of IFRS 17 will be a major challenge to insurers and investors, fundamentally changing accounting and reporting practices. Practical case studies to help develop an understanding of IFRS 17 in practice. IFRS 17 Insurance Contracts Virtual Training Courses. IFRS 17: Managing Insurance Contracts Risk Training's two day course will provide an overview of the standards, discuss the measurement models, key business challenges presented, how to confront IFRS 17 within your business and will suggest strategies for working towards implementation. Considerations for those charged with governance . Our experts discuss an overview of the accounting requirements, practical issues that your organisation should consider in relation to IFRS 17 and the expected... © 2015 - 2020 PwC. It is the latest IFRS to be developed by the International Accounting Standards Board (IASB) whose standards are used in more than 100 countries for the preparation of … GPPC is comprised of BDO International, Deloitte, EY, Grant Thornton, KPMG International, and PwC. Implementation of IFRS 17 Insurance Contracts . Please see www.pwc.com/structure for further details. IFRS 17 changes fundamentally the way in which insurance contracts are accounted for over time. By the end of this course, you will have a greater understanding of: the need to develop IFRS 17; the key technical requirements of IFRS 17; the key differences from IFRS 4 IFRS 17 is the International Financial Reporting Standard on accounting for insurance contracts. IFRS Course Curriculum This is a comprehensive IFRS course. Learn how you can use your investment in Solvency II to implement IFRS 17. A recorded webinar is available introducing the recently issued IFRS 17 Insurance Contracts by considering the scope of the Standard. Developed with input from subject matter experts from across the globe, the program is designed to provide CPAs and accounting professionals with the training, knowledge and practical guidance needed to use IFRS. Learn about the transition requirements and the basic requirements for reinsurance accounting. 1 of representatives of the six largest accounting networks January 2020 . Why comprehensive, because this completes your accounting education in just 17 separate courses and the entire training is called IFRS Training. The IFoA IFRS 17 for General Insurers Working Party are hosting an interactive workshop that will work through the practical aspects of IFRS 17. Our aim is to help key stakeholders in your business have a sound understanding of IFRS 17 and its business impact ahead of IFRS 17 implementation in 2022. The webinar presenters are Joanna Yeoh and Andrea Pryde, insurance contracts team members. Therefore, we have designed this two #IFRS17 workshop to give you a detailed insight into this new standard and implementation challenges involved. Issued in May 2017, it becomes effective on 1 January 2021. IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The training materials are interactive and engaging, and you can choose which modules suit the needs of your business and the people being trained. Understand the characteristics of participating contracts, and how and when to apply the variable fee approach and the indirect participating approach. Issued in May 2017, it becomes effective on 1 January 2021. IFRS Training (17 Courses Bundle with 2020 Updates) This IFRS Training Certification is an awesome bundle of 17 courses with 40+ hours of video tutorials and Lifetime access. IFRS 17 is a big, new standard for a big, old industry. We are offering this to you with the hope that after learning this, you … We will then help you confirm that an appropriate level of training has been received by the stakeholders that need it most up to this point, and that the right people are upskilled at the right time to enable timely and effective implementation. The Aptitude IFRS 17 Solution is an operational accounting platform used to orchestrate end-to-end IFRS 17 reporting process, generating books and records-quality accounting outputs to General Ledgers and reporting platforms. Each group will also look at the challenges of application topic by topic, e.g. All rights reserved. Time to complete: approximately 45 minutes. Based on our own global PwC IFRS 17 training, our e-learning answers the questions we are being asked by insurers across the industry. The basic presentation and disclosure of financial statements under IFRS 17. This course is designed to help kick off the processes related to IFRS 17. IFRS courses are still our most popular training events. Learn how to identify and separate components of insurance contracts under IFRS 17, and understand how recognition works under IFRS 17 as well as the basic principles of the measurement approaches. Whilst we have developed courses on other subjects over the years, we remain your go-to training provider in IFRS - whether for public courses or customised in-house training. IFRS 17 is a complex and resource intensive change, but presents immense opportunities to harness data more effectively, to improve the structure of your finance function and to better inform your decision making. If an entity applies HKFRS 17 earlier, it shall disclose that fact. Start adding content to your list by clicking on the star icon included in each card. 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