Welcome to Introduction to IFRS 17: Hands on Introduction. After doing this course, you should have a strong grasp of the fundamentals underlying the new IFRS insurance contract standard (the Standard) and start utilising it in a workplace context.
This course assumes an understanding of the standard facilities and functionality in Microsoft Excel, and principles of actuarial and financial reporting; and includes hands-on examples and calculations.
Practical outcomes
- Basic understanding of key requirements and changes the new IFRS 17 Standard is bringing
- Hands on exercise calculating the Contractual Services Margin using the General Measurement Model; including subsequent measurement
- Understanding of differences of key metrics based on different reporting regimes
- An overview of the new disclosure requirements
Points touched on in the course include:
- An overview of what the IFRS 17 is
- The background to the IFRS 17
- Important Concepts
- The IFRS 17 Measurement Models
- An overview of data required in the application of the IFRS 17
- Initial considerations when setting actuarial assumptions
- Determining discount rates
- Risk adjustment values
- An overview of the IFRS 17 calculations
- Setting up the balance sheet
- Disclosures to the statements
- Statement of profit or loss
- Performing initial recognition
- Determining fulfilment cash flows
- Performing reconciliations of company financials
IFRS 17: Gap Analysis, Solution Design, Selection & Implementation
Effective implementation of the solution for IFRS 17 requires seamless collaboration between regulatory, finance, actuarial and operational teams. The complexity of transition will demand a much wider range of skills and an agile and multi-disciplinary approach, involving IT specialists, data analysts and experienced project managers.
The core areas where we can support you are outlined below. These activities will be underpinned by strong project planning and management support; also provided by us. We can also advise you on open-source solutions as an alternative to off the shelf IFRS 17 Calculation Engines.
For more information, or to submit an RFP or RFI please email us on info@actuartech.com
- We specialise in finance and actuarial transformation - our company directors are experts in actuarial & accounting reporting change.
- We have technical expertise and experience on the topic of IFRS 17;
- successfully delivering change programmes within this space.
- We have significant experience driving actuarial, finance, risk and operational change in the insurance industry.
- We advise insurance organisations on the application of modern day tools and techniques that incorporate business domain experience and optimal strategies that deliver data driven insights; our actuartech initiative focuses on embracing data and technology within the actuarial and finance industry.
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About actuartech
We are a specialist management consultancy that provides actuarial and finance change services. We work with financial services organisations and technology providers to drive change and to ensure optimal performance of people, processes and systems within an actuarial and finance context.
