In anticipation of the seismic shift set to hit the insurance industry, a comprehensive training program has been unveiled to assist professionals in grappling with the intricacies of International Financial Reporting Standard 17 (IFRS 17) implementation. Effective January 1, 2023, insurance companies worldwide are mandated to align their financial statements with IFRS 17, introducing a transformative wave of changes that demand precision and expertise.

The IFRS 17 Training Program offers a lifeline to insurance firms as they navigate the challenging landscape of compliance. While the deadline looms, many companies are still finding themselves entangled in the intricate web of unresolved accounting and actuarial issues. IFRS 17 has significantly elevated the role of actuarial teams within the industry. Their input is now indispensable for ensuring the technical correctness and clarity mandated by the accounting standard.

One of the most profound shifts introduced by IFRS 17 is the requirement for actuaries to implement a new valuation basis. This necessitates extensive changes to actuarial models, data, methodologies, and contract boundaries. Moreover, areas that were previously not under the purview of actuaries, such as the calculation of revenue and the Contractual Service Margin (CSM), now rely heavily on probability-based assessments. This underscores the imperative for closer coordination between actuarial and finance teams in the insurance companies.

Unlike other accounting standards applied in the past, IFRS 17 Insurance Contracts necessitates a paradigm shift in terms of collaboration between accountants and actuaries. In response to this transformation, the IFRS 17 Training Program has been meticulously crafted to cater specifically to the actuarial aspects of the new standard. It provides essential context and detailed treatment of active and passive reinsurance, ensuring that actuarial teams are equipped to tackle the unique challenges posed by IFRS 17.

Implementing IFRS 17 is a monumental challenge for both insurers and investors alike. It represents a fundamental alteration of accounting and reporting practices within the industry. The course offered is designed to empower actuaries with a clear roadmap for implementing IFRS 17 and the requisite modifications and redesigns to the actuarial model.

This comprehensive two-day workshop is not merely theoretical, but offers practical insights through detailed work examples and case studies. It covers a vast spectrum of topics, including the Building Blocks Approach (BBA), Premium Allocation Approach (PAA), Variable Fees Approach (VFA) under IFRS 17, and the impact of the standard on actuarial modelling and risk adjustment. Attendees will gain critical knowledge about calculating the Contractual Service Margin (CSM), risk adjustment, illiquidity of cash flows on discount rates, and the impact of IFRS 17 on various contracts.

Moreover, the course delves into the financial reporting requirements for insurers and identifies common pitfalls to avoid during implementation. It also addresses the crucial issue of presenting insurance contracts and offers insights into the drivers of income statement volatility and insurance liabilities. By the end of the program, participants will have enhanced their processes and controls for insurance contracts and related liabilities.

The IFRS 17 Training Program is tailored to provide a comprehensive understanding of IFRS 17 and its profound impact on accounting and actuarial work in the insurance industry. It equips professionals with the tools to identify challenges, implement the best solutions, and comply with the new accounting standard. Here is the schedule of upcoming programs by Shasat. However, we recommend you continue to visit Shasat's website for the most up-to-date program schedules.

IFRS 17 Implementation Workshop | GID 9001 | Zurich: November 2-3, 2023

IFRS 17 Implementation Workshop | GID 9002 | London: November 16-17, 2023

IFRS 17 Implementation Workshop | GID 9003 | Hong Kong: October 5-6, 2023

IFRS 17 Implementation Workshop | GID 9005 | Bermuda: November 13-14, 2023

IFRS 17 Implementation Workshop | GID 9007 | Atlanta: November 6-7, 2023

IFRS 17 Implementation Workshop | GID 9012 | Dubai: October 8-9, 2023

IFRS 17 Implementation Workshop | GID 9013 | Frankfurt: November 9-10, 2023

IFRS 17 Implementation Workshop | GID 9015 | Toronto: October 12-13, 2023

IFRS 17 Implementation Workshop | GID 9017 | Cape Town: December 1-2, 2023

IFRS 17 Implementation Workshop | GID 9011 | Tokyo: October 2-3, 2023

IFRS 17 Implementation Workshop | GID 9010 | Seoul: December 7-8, 2023

IFRS 17 Implementation Workshop | GID 9000 | Online: (Available on request)

For more details and to enrol in the IFRS 17 Implementation Workshop, please visit:
https://shasat.co.uk/product-category/ifrs-17-implementation-accounting-actuarial-challenges/

This program offers an opportunity to embark on a transformative journey into the realm of IFRS 17 implementation and the dynamic world of insurance accounting. Join professionals from around the world and equip yourself with the knowledge and skills needed to navigate the evolving landscape of the insurance industry.