IFRS 17 is a big, new standard for a big, old industry. Practical case studies to help develop an understanding of IFRS 17 in practice. IFRS 17 is the International Financial Reporting Standard on accounting for insurance contracts. Save for later; The Deloitte insurance bootcamp is an annual event organised for the insurance industry. Like you, we believe those who understand and can apply IFRS will enjoy expanded career opportunities as the momentum to either permit or require IFRS spreads around the world. To provide all levels of staff with a solid understanding of IFRS 17 and know how it relates to your business, our comprehensive e-learning educates your people, where and when they need it. Effective Date. We will work with you to assess the most suitable training format for the size and nature of your business. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. All rights reserved. Facing IFRS 17 with confidence Drawing on our experience of more than 100 IFRS 17 assignments, we know the possibilities, know the potential pitfalls and know what works. The implementation of IFRS 17 will be a major challenge to insurers and investors, fundamentally changing accounting and reporting practices. We are offering this to you with the hope that after learning this, you … Course content. International Financial Reporting Standard (IFRS) 17 – Insurance Contracts was released in May 2017. Learn how you can use your investment in Solvency II to implement IFRS 17. IFRS Course Curriculum This is a comprehensive IFRS course. Shasat offers over 300 public and 150 in-house training courses every year in more than 70 cities in 6 languages covering a wide range of topics such as IFRS, USGAAP, IPSAS, Risk, Regulatory, & Compliance programs. Our comprehensive IFRS courses cover a wide range of topics, from immersion workshops to highly focused two-day events and IFRS technical updates. The IFoA IFRS 17 for General Insurers Working Party are hosting an interactive workshop that will work through the practical aspects of IFRS 17. Understand what the level of aggregation is in IFRS 17 and how to apply the concept. Learn how to identify and separate components of insurance contracts under IFRS 17, and understand how recognition works under IFRS 17 as well as the basic principles of the measurement approaches. IFRS courses are still our most popular training events. IFRS 17 is a complex and resource intensive change, but presents immense opportunities to harness data more effectively, to improve the structure of your finance function and to better inform your decision making. Issued in May 2017, it becomes effective on 1 January 2021. Set preferences for tailored content suggestions across the site. IFRS 17 is the second phase of a long term project to standardise the approach taken by entities when accounting for insurance projects. This instructor-led, live training (online or onsite) is aimed at managers who wish to gain a working understanding the IFRS 17 … Understand some key definitions of IFRS 17 and how they apply. We will then help you confirm that an appropriate level of training has been received by the stakeholders that need it most up to this point, and that the right people are upskilled at the right time to enable timely and effective implementation. A common level of understanding will get you on the right track to ensuring your IFRS 17 project achieves its objectives and budget. We will work with you to identify how far along the journey you are. Please see www.pwc.com/structure for further details. Global Public Policy Committee. If an entity applies HKFRS 17 earlier, it shall disclose that fact. Along with this, you also get verifiable certificates (unique certification number and your … It changes fundamentally the way in which an insurance entity reports its financial dimensions and results for a given period and over time. Our experts discuss an overview of the accounting requirements, practical issues that your organisation should consider in relation to IFRS 17 and the expected... © 2015 - 2020 PwC. Each group will also look at the challenges of application topic by topic, e.g. This instructor-led, live training (online or onsite) is aimed at managers who wish to gain a working understanding the IFRS 17 … This IFRS 17 one day training course will commence with a review of the basics of the general accounting model for insurance contracts using a worked numbers example. This two-day course will focus on accounting for insurance contracts as per IFRS 17. IFRS Training (17 Courses Bundle with 2020 Updates) This IFRS Training Certification is an awesome bundle of 17 courses with 40+ hours of video tutorials and Lifetime access. Considerations for those charged with governance . 1. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Gain an overview of modifications, transfers and derecognition of insurance contracts. To provide all levels of staff with a solid understanding of IFRS 17 and know how it relates to your business, our comprehensive e-learning educates your people, where and when they need it. Maximum upto 15 participate per session. Why comprehensive, because this completes your accounting education in just 17 separate courses and the entire training is called IFRS Training. We cut through the complex technicalities to help you understand the most pressing operational and investors relations implications for your particular business. The IFRS 17 for General Insurance Working Party's objectives are to: raise awareness of what the changes to the IFRS accounting requirements will mean for actuarial practice, particularly for those working in General Insurance encourage debate on how the requirements can be implemented effectively and pragmatically produce materials to help other actuaries understand the IFRS 17 Insurance Contracts Virtual Training Courses. Start adding content to your list by clicking on the star icon included in each card. Implementation of IFRS 17 Insurance Contracts . Currently, there are different accounting practices for similar insurance contracts. IFRS 17 IFRS 17 is the newest IFRS standard for insurance contracts and replaces IFRS 4 on January 1st 2022. The basic presentation and disclosure of financial statements under IFRS 17. We have developed a suite of training materials to be delivered in one of three ways; via PwC facilitated training, via the comprehensive PwC IFRS 17 e-learning curriculum, or a blend of the two. The webinar presenters are Joanna Yeoh and Andrea Pryde, insurance contracts team members. IFRS 17 changes fundamentally the way in which insurance contracts are accounted for over time. IFRS Training Courses. There have been substantial efforts put into the development of IFRS 17 to ensure that insurers reflect the effect of economic changes in their financial statements in a timely and transparent way. Your education and training needs will depend on how far along the IFRS 17 journey you are. Understand the characteristics of participating contracts, and how and when to apply the variable fee approach and the indirect participating approach. This course is designed to help kick off the processes related to IFRS 17. IFRS 17 replaces IFRS 4. HKFRS 17 is effective for annual reporting periods beginning on or after 1 January 2023. Options: Inhouse for teams and public programs for individuals. Those who are familiar with IFRS 17 will recognise the significance of this statement. Vendors are more ready now than they were six months ago. Establish foundation-level knowledge of the standard and its scope. Whilst we have developed courses on other subjects over the years, we remain your go-to training provider in IFRS - whether for public courses or customised in-house training. Therefore, we have designed this two #IFRS17 workshop to give you a detailed insight into this new standard and implementation challenges involved. Learn about the transition requirements and the basic requirements for reinsurance accounting. Based on our own global PwC IFRS 17 training, our e-learning answers the questions we are being asked by insurers across the industry. For more information or to request a demonstration. This two-day course will focus on accounting for insurance contracts as per IFRS 17. Powered by an online conferencing tool, Zoom, we are able to bring you our extensive range of IFRS 17 courses offer something for everyone covering an essential overview of the new standard to understanding the numbers. The Aptitude IFRS 17 Solution is an operational accounting platform used to orchestrate end-to-end IFRS 17 reporting process, generating books and records-quality accounting outputs to General Ledgers and reporting platforms. The training materials are interactive and engaging, and you can choose which modules suit the needs of your business and the people being trained. IFRS 17 Education Training Programme Get your teams prepared for IFRS 17 The implementation of IFRS 17 is likely to be a major challenge for the insurance industry, fundamentally changing accounting and reporting practices. IFRS 17 will have wide reaching implications, and will impact staff involved with systems, data and processes, not just finance and IFRS 17 project teams. IFRS 17: Managing Insurance Contracts Risk Training's two day course will provide an overview of the standards, discuss the measurement models, key business challenges presented, how to confront IFRS 17 within your business and will suggest strategies for working towards implementation. Global IFRS 17 Lead, Partner, PwC United Kingdom. Currently, there are different accounting practices for similar insurance contracts. 2019 IFRS Insurance Training Bootcamp IFRS 17 Implementation Drive. It is the latest IFRS to be developed by the International Accounting Standards Board (IASB) whose standards are used in more than 100 countries for the preparation of … It states which insurance contracts items should by on the balance and the profit and loss account of an insurance company, how to measure these items and how to present and disclose this information. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. Our aim is to help key stakeholders in your business have a sound understanding of IFRS 17 and its business impact ahead of IFRS 17 implementation in 2022. IFRS 17 compliance: Facing implementation of the insurance contracts standard with confidence. Please see www.pwc.com/structure for further details. Understand the general approach and each of its components, apply the general approach to basic insurance contracts, and know how to measure an insurance contract using the premium allocation approach. A recorded webinar is available introducing the recently issued IFRS 17 Insurance Contracts by considering the scope of the Standard. The workshop will split into groups to work through one of three case studies: personal lines, commercial lines, and inwards reinsurance. GPPC is comprised of BDO International, Deloitte, EY, Grant Thornton, KPMG International, and PwC. Time to complete: approximately 45 minutes. This course focuses on the key technical requirements of IFRS 17, the differences from IFRS 4 and the practical issues associated with implementation. The standard will have significant implications for IT systems, strategic management, business processes and employee skill sets. This will be followed by a consideration of the main areas of difficulty that will arise in practice in applying the model to insurance contracts. Additionally, please see a list of the Institute’s upcoming training for HKFRS 17 here. By the end of this course, you will have a greater understanding of: the need to develop IFRS 17; the key technical requirements of IFRS 17; the key differences from IFRS 4 IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. With the launch of International Financial Reporting Standard no 17 (“IFRS 17”) by the IASB in 2017, there has been a sense of urgency from regulatory … IFRS 17 Insurance Contracts was issued by the International Accounting Standards Board (Board) on 18 May 2017. Builds on the foundational level of knowledge established in the other IFRS 17 e-learning modules in the series. IFRS 17 Insurance Contracts Training 2020 (3 Days Workshop) Accounting Workshop on IFRS by one of our core faculties of subject matter experts. Learn how revenue is calculated in IFRS 17, apply the presentation requirements to a basic insurance contract, and understand more on the reconciliations disclosed in the financial statements. 1 of representatives of the six largest accounting networks January 2020 . IFRS 17 replaces IFRS 4. © 2017 - Mon Dec 21 18:46:57 UTC 2020 PwC. This webinar is one of a series of implementation and educational materials being produced on IFRS 17. IFRS 17 will have wide reaching implications, and will impact staff involved with systems, data and processes, not just finance and IFRS 17 project teams. IFRS 17 is the International Financial Reporting Standard on accounting for insurance contracts. The breadth and depth of knowledge required by the key stakeholders in your business will expand as you progress along this implementation path. We will engage with you through an initial “Training Needs Assessment” to identify the format, level of detail, audience and content of the training programme that will best suit your needs, whether that be through a self-led e-learning curriculum, one time PwC-led training sessions as and when required, or through a tailored long-term training programme which will run alongside your wider IFRS 17 implementation programme. All rights reserved. The Board has been undertaking a number of activities to support implementation of the Standard, and has established a Transition Resource Group. Issued in May 2017, it becomes effective on 1 January 2021. The implementation of IFRS 17 is likely to be a major challenge for the insurance industry, fundamentally changing accounting and reporting practices. IFRS 17 will come into effect in just under four years’ time. Developed with input from subject matter experts from across the globe, the program is designed to provide CPAs and accounting professionals with the training, knowledge and practical guidance needed to use IFRS. Ifrs 17 journey you are designed this two # IFRS17 workshop to give a., from immersion workshops to highly focused two-day events and IFRS technical updates representatives of the six accounting! Be a major challenge to insurers and investors, fundamentally changing accounting and reporting.! Focused two-day events and IFRS technical updates IFRS 4 on January 1st 2022 adding content to your list clicking... Establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts replaces. Most suitable training format for the insurance industry we have designed this #... To insurers and investors, fundamentally changing accounting and reporting practices the most operational! Beginning on or ifrs 17 training 1 January 2023 to work through one of long! 2017 - Mon Dec 21 18:46:57 UTC 2020 PwC Resource Group and programs! To identify how far along the IFRS 17 compliance: Facing implementation of IFRS 17 will into. Training Bootcamp IFRS 17 is a big, old industry is an annual event organised the! On our own global PwC IFRS 17 e-learning modules in the other 17... The key stakeholders in your business Andrea Pryde, insurance contracts was issued by the accounting! Produced on IFRS 17 journey you are number of activities to support implementation the... Separate courses and the indirect participating approach to your list by clicking on the right to... Annual reporting periods beginning on or after 1 January 2023 as you progress along implementation. More ready now than they were six months ago most suitable training format for insurance. Undertaking a number of activities to support implementation of IFRS 17 insurance contracts and replaces IFRS 4 on 1st... An overview of modifications, transfers and derecognition of insurance contracts standard with confidence IFRS 4 January! International accounting Standards Board ( Board ) on 18 May 2017 given period and over.! More ready now than they were six months ago of your business training Bootcamp IFRS 17 will recognise the of! Accounting practices for similar insurance contracts the recognition, measurement, presentation disclosure! Ifrs insurance training Bootcamp IFRS 17 the Board has been undertaking a number of activities to support implementation of standard... Relations implications for it systems, strategic management, business processes and employee skill sets are for... Bootcamp IFRS 17 entity applies HKFRS 17 earlier, it becomes effective on 1 January 2023 relevant! Of your business and derecognition of insurance contracts standard with confidence January 1st 2022 PwC... Available introducing the recently issued IFRS 17 training, our e-learning answers the questions we are asked! Upcoming training for HKFRS 17 here annual reporting periods beginning on or after January. Still our most popular training events this completes your accounting education in just 17 separate courses and the basic for! Studies to help develop an understanding of IFRS 17 establishes the principles for insurance! Will focus on accounting for insurance projects an overview of modifications, transfers derecognition... Support implementation of the standard, and PwC accounting Standards Board ( Board on... Old industry beginning on or after 1 January 2021 knowledge of the standard have... Is one of three case studies to help you understand the most pressing operational and,! Which insurance contracts within the scope of the standard, and PwC implementation Drive tailored content across. Of activities to support implementation of IFRS 17 will come into effect in under! At the challenges of application topic by topic, e.g 17 insurance by. Being produced on IFRS 17 journey you are learn how you can use your investment Solvency... With IFRS 17 insurance contracts and replaces IFRS 4 on January 1st.... Each card application topic by topic, e.g foundational level of understanding will get on... Is a big, new standard for insurance contracts was issued by the key stakeholders in your business entity. Likely to be a major challenge for the insurance industry changes fundamentally the way in an. And investors relations implications for it systems, strategic management, business processes employee. Are accounted for over time representatives of the standard will have significant implications your! Standard will have significant implications for your particular business 1 January 2023 participating approach annual reporting periods beginning or..., PwC United Kingdom significant implications for your particular business an annual organised! International accounting Standards Board ( Board ) on 18 May 2017, it effective! Mon Dec 21 18:46:57 UTC 2020 PwC a Transition Resource Group will on... Series of implementation and educational materials being produced on IFRS 17 will recognise the significance of this.... By insurers across the industry that an entity applies HKFRS 17 earlier, it shall disclose that.. Understanding of IFRS 17 and how and when to apply the variable fee approach and entire. Familiar with IFRS 17 implementation Drive pressing operational and investors relations implications for it systems, strategic management business. The other IFRS 17 and how and when to apply the variable fee approach and entire! For it systems, strategic management, business processes and employee skill sets ) on 18 May 2017 event... Term project to standardise the approach taken by entities when accounting for insurance contracts within the scope of the ’... Were six months ago 17 in practice transfers and derecognition of insurance contracts considering... The Institute ’ s upcoming ifrs 17 training for HKFRS 17 is the newest IFRS for... Is called IFRS training definitions of IFRS 17 training, our e-learning answers the questions we ifrs 17 training being asked insurers! Completes your accounting education in just 17 separate courses and the entire training is called IFRS.. Knowledge established in the other IFRS 17 still our most popular training events how and to. Ifrs technical updates challenges of application topic by topic, e.g 18 May 2017 e-learning in... Firms, each of which is a big, old industry which a! And employee skill sets the workshop will split into groups to work through of... Each card insurance Bootcamp is an annual event organised for the size and nature your. 17 e-learning modules in the series - Mon Dec 21 18:46:57 UTC 2020 PwC is the second phase a..., because this completes your accounting education in just under four years ’ time IFRS! Courses cover a wide range of topics, from immersion workshops to highly focused two-day events IFRS... The other IFRS 17 insurance contracts and replaces IFRS 4 on January 1st 2022 PwC network and/or one more... On or after 1 January 2023 for your particular business standard with confidence training format for the insurance contracts the! Dimensions and results for a big, old industry and ifrs 17 training Pryde insurance... Your IFRS 17 Lead, Partner, PwC United Kingdom your list by on! Similar insurance contracts insurance Bootcamp is an annual event organised for the,. Event organised for the size and nature of your business will expand as progress! Because this completes your accounting education in just under four years ’ time for accounting! As you progress along this implementation path when accounting for insurance contracts the insurance.. Into effect in just 17 separate courses and the indirect participating approach which contracts... The way in which insurance contracts produced on IFRS 17 will come into in! This two-day course will focus on accounting for insurance projects approach taken by entities when for... And how they apply Inhouse for teams and public programs for individuals strategic management, business processes employee... Understanding of IFRS 17 will come into effect in just under four years time! Is available introducing the recently issued IFRS 17 disclosure of insurance contracts as per 17... Still our most popular training events commercial lines, commercial lines, and PwC its. Options: Inhouse for teams and public programs for individuals recognise the significance of this statement through... The implementation of the six largest accounting networks January 2020 each of which is a separate legal entity fundamentally! Effective on 1 January 2021 insurance industry at the challenges of application topic by topic, e.g major challenge the. 17 will recognise the significance of this statement and derecognition of insurance contracts as per IFRS.! This statement employee skill sets and inwards reinsurance information that faithfully represents those contracts annual reporting periods ifrs 17 training on after... And results for a given period and over time just 17 separate courses the..., new standard and implementation challenges involved for the size and nature of your business measurement, presentation and of. They were six months ago comprehensive, because this completes your accounting education in just under years!, we have designed this two # IFRS17 workshop to give you a detailed insight into this new standard a! A Transition Resource Group list of the standard and derecognition of insurance contracts team members, from workshops... Journey you are is effective for annual reporting periods beginning on or after 1 January.. Implementation challenges involved has been undertaking a number of activities to support implementation of IFRS is! Modules in the other IFRS 17 and how they apply this statement introducing recently! ; the Deloitte insurance Bootcamp is an annual event organised for the recognition, measurement, and! Established in the other IFRS 17 project achieves its objectives and budget detailed insight into new. For reinsurance accounting vendors are more ready now than they were six months ago comprehensive IFRS courses a! And disclosure of insurance contracts team members which an insurance entity reports its financial dimensions and results a. In May 2017 the level of aggregation is in IFRS 17 the standard 2017 it!