lang="en-US"> IFRS 17 [Insurance Contracts] - AFAP
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[IFRS-17 (Insurance Contracts)]

This Course will help you understand the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard.

Course Fee: Rs. 12,000 per participant 

Duration: 20 hours (4 weeks)

Course Coverage:

  1. Overview
    • Key features
    • Key Principles
  2. History of IFRS 17
  3. Related Interpretations
  4. Amendments under consideration by the IASB
  5. Superseded Standards
  6. Summary of IFRS 17:

Objective, Scope, Key definitions, Separating components from an insurance contract, Level of aggregation, Recognition, Measurement, Discount rates, Risk adjustment for non-financial risk, Contractual service margin, Subsequent measurement, Onerous contracts, Premium allocation approach, Practical expedients available under the PAA, Investment contracts with a DPF, Reinsurance contracts held, Modification of an insurance contract, Derecognition of an insurance contract, Presentation in the statement of financial position, Recognition and presentation in the statement(s) of financial performance, Insurance service result, Insurance finance income or expenses, Disclosures

Descriptive Details:

IFRS 17 is effective for annual reporting periods beginning on or after 1 January 2023 with earlier application permitted as long as IFRS 9 is also applied.

Insurance contracts combine features of both a financial instrument and a service contract. In addition, many insurance contracts generate cash flows with substantial variability over a long period. To provide useful information about these features, IFRS 17:

  • combines current measurement of the future cash flows with the recognition of profit over the period that services are provided under the contract;
  • presents insurance service results (including presentation of insurance revenue) separately from insurance finance income or expenses; and
  • requires an entity to make an accounting policy choice of whether to recognize all insurance finance income or expenses in profit or loss or to recognize some of that income or expenses in other comprehensive income.

Practical Implementation:

Application of every standard by renowned listed entities shall also be shared and discussed so that disclosure application of this course could be easier and one can understand that he has learned very much to be able to perform majority of the reporting tasks.

Outcome & Benefits:

Reporting of financial information is very important in today’s corporate and compliance environment. Increasing need of transparency in operations and funding is enforcing the need for effective financial reporting standards. Knowledge of financial reporting is not only important for corporate sector but also for regulatory institutions too because to monitor activity one must know the subject matter which is to be monitored and without knowledge of financial reporting framework how a person could ever be able to evaluate financial information.

Our training programs are not only limited to corporate sector and regulatory bodies but it extends to our students, persons of same professions and even those who want to build their career in finance but does not know where and how to initiate.

This would be useful to those who wish to enhance their knowledge in preparing and understanding of financial statements. It also facilitates in analyzing the financial statements in the light of global accounting framework, like:

  • Provides an in-depth analysis of the accounting and disclosure requirement under IFRS.
  • Understand the approach to restate and interpret the financial statements as per IFRS.
  • Significant concepts in IFRS.
  • Impact of IFRS on various sectors.
  • First-time adoption and options available.

Timeline:

The course shall be of 20 hours comprising of 04 classes of 05 hours each.

For groups and companies, modified duration will be available according to need.

Fee for the Course:

Individuals

Straight fee for the course is PKR 12,000 per participant. (Discount is available for our registered participants)

Group and Corporations

PKR 10,000 per participant or PKR 100,000 whichever is lower

Payments

Registration shall be granted on full payment of fee.

Registration

For registration and other details send an email at training@afapgroup.com. Please note to mention your valid cellular/ contact details for our ease to contact you ASAP for finalizing your registration process.

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