The new accounting standard, IFRS 17, will fundamentally change financial reporting for insurance companies. The standard is expected to bring greater transparency and comparability to insurance company financial statements. The impact on individual insurance entities will vary depending on the nature of their business, in particular whether it is life insurance or short term business.
Preparing for and implementing IFRS 17 will present significant challenges for many insurance companies and will require considerable effort to gain an understanding of the impact on the reported numbers as well as the changes required to process and systems. Coordination and dialogue between various insurance company functions such as Finance, Actuarial and IT will be necessary to meet the requirements.
This course is designed to assist practitioners in gaining an understanding of the scope of the new standard, the main changes to insurance contract measurement arising from the standard and the increased requirements towards presentation and disclosure.
• Background to the Standard
• Scope of IFRS 17
• IFRS 17 Accounting Models
• Measurement of Insurance Contracts
o General measurement model theory
o Premium allocation approach
o Other modifications
• Presentation and Disclosure
• Transitional Rules
with speaker Dermot O'Hara
Dermot is an actuary with over 20 years of experience in the non-life insurance sector in Ireland, Dermot was involved in various aspects of Solvency II from the preparation phases in the early 2000s through to full implementation on 1st January 2016. Dermot is currently a member of ACCA’s working party on IFRS 17. Dermot is a Fellow of the Association of Chartered Certified Accountants and of the Society of Actuaries in Ireland.