Course curriculum

  • 1

    Welcome to IFRS 17 Introduction

  • 2

    Part 0. Introduction

  • 3

    Part 1. The Basics (1.1 & 1.2)

    • 1.1 Overview

    • 1.2 The Background to IFRS 17

  • 4

    Part 1.3 Important Concepts

    • Insurance Contract

    • Coverage Period

    • Cash Flows

    • Discount Rate

    • Discounted Cash Flow

    • Fulfilment Cash Flow

    • Risk Adjustment for Non-Financial Risk

    • Initial Recognition

    • Contractual Service Margin (CSM)

    • Subsequent Measurement

    • Onerous Contract

    • Liability for Remaining Coverage (LRC)

    • Liability for Incurred Claims (LIC)

    • Basic Concept Quiz

  • 5

    Part 1.4 IFRS 17 Measurement Models

    • Introduction to Measurement Models

    • General Measurement Approach

    • Premium Allocation Approach

    • Variable Fee Approach

    • Measurement Approached Quiz

  • 6

    Part 2: The IFRS 17 Framework

    • The IFRS 17 Framework

  • 7

    Part 2.1 Data Preparation

    • 2.1.1 Overview

    • 2.1.2 Setting Assumptions

    • 2.1.3 Discount Rates

    • 2.1.4 Risk Adjustment

    • 2.1.5 Other Assumptions

  • 8

    Part 2.2 IFRS 17 Calculations

    • IFRS 17 Calculations

  • 9

    Part 2.3 Reporting & Disclosure

    • Reporting & Disclosure

  • 10

    Part 3. Practical Application

    • 3.1 Overview

    • 3.2 The importance of having an Audit Trail in Calculations

    • 3.3 IFRS 17 - Practical Assignment

    • 3.4 Initial Recognition

    • 3.5 Fulfilment Cash Flows

    • 3.6 Reconciliation

    • 3.7 Subsequent Measurement

    • 3.8 Reconciliations - Subsequent Reporting Periods

    • 3.9 Statement of Financial Position

    • 3.10 Disclosures

    • 3.11 Statement of Profit or Loss

    • 3.12 Practical Assignment Submission

  • 11

    Part 4. Reinsurance Contracts

    • Direct vs Reinsurance Accounting

  • 12

    Course Summary

    • Course Summary

  • 13

    Appendix 1: Further Resources

    • 1.0 IFRS 17 Technology Solutions: Build or Buy? Article (Ref 1.0)

    • 1.1 Further delay to IFRS 17 and what this means for insurers - Webinar (Ref 1.1)

    • 1.2 IFRS 17 Webinar - How Digital Transformation Impacts the Role of Finance and Actuarial (Ref 1.2)

    • 1.3 IFRS 17: Contractual Service Margin (CSM) Article (Ref 1.3)

    • 1.4 KPMG Illustrative disclosures for insurers Guide to annual financial statements IFRS 17 and IFRS 9 (Ref 1.4)

    • 1.5 International GAAP Limited Selected Illustrative disclosures for IFRS 17 Insurance Contracts (Ref 1.5)

    • 1.6 Deloitte IFRS 17 Update Webinar (Ref 1.6)

    • 1.7 Dufrasne IFRS 17 : a comparison with IFRS 4 and an analysis of the impact of its application (Ref 1.7)

    • 1.8 EY Impacts of IFRS 17 insurance contracts accounting standard Considerations for data, systems and processes (Ref 1.8)

    • 1.9 IFRS 17 SCOR CAMPUS 2018 Highlights on IFRS 17 (Ref 1.9)

    • 1.10 IFRS Foundation Understanding IFRS 17 Insurance Contracts National Standard-Setters (Ref 1.10)

    • 1.11 IFRS Foundation IFRS 17 Insurance Contracts June 2020 Amendments (Ref 1.11)

    • 1.12 IFRS 17 Materials - 3Blocks (Ref 1.12)

    • 1.14a Millennium Consulting - IFRS17 Online Discussion Recording with Aviva (Ref 1.14a)

    • 1.15 EY: Applying IFRS 17 - A Closer Look at the Insurance Contracts Standard

    • IFRS 17 calculations - other resources

    • References and Links

  • 14

    Appendix 2. The IFRS 17 Standard (THE TEXT)

    • 2.1 IFRS 17 Standard Text (PDF) with 2020 Amends (Ref 2.1)

    • Appendix 2 References