IFRS 17 - Insurance Contracts
Cost for BPP PD Members: £239 + VAT 3 CPD Hours
(£299.00 + VAT for non BPP PD Members Click Here for details of our membership scheme).
This half day course will benefit those who require an overview of the new accounting standard for insurance contracts - IFRS 17.
IFRS 17 is the second phase of a long term project to standardise the approach taken by entities when accounting for insurance projects. IFRS 17 is effective from periods beginning on or after 1 January 2021 and early adoption is permitted for those who have adopted IFRS 9 and IFRS 15.
The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts and enables users to understand the impact on performance, position and cash flows.
Learning outcomes include obtaining a greater understanding of:
- The scope of the standard and its application to insurance, reinsurance and investment contracts
- The interaction with IFRS 15
- Key definitions
- The separation of non-insurance components
- Levels of aggregation and application to portfolios of contracts
- The timing of recognition
- Initial and subsequent measurement basis
- Use of discount rates
- Contractual service margins
- Onerous contracts
- Premium allocation approach and practical expedients
- Investment contracts with a DPF
- Reinsurance contracts
- Modifications and derecognition
- Presentation and disclosures in the financial statements
- Transitional requirements
"A CPD certificate of completion will be provided by BPP Professional Education Limited upon request, following attendance."
||17 Sep 2018
||2:00 PM - 5:15 PM