Accounting for insurance contracts (90685409) - Online

This course provides comprehensive coverage of the IFRS Standard for the recognition, measurement, presentation and disclosure of insurance contracts – IFRS 17. The Standard applies to any entity, both insurers and non-insurers, issuing these contracts. This course will assist you to understand how to apply and interpret the new accounting standard, IFRS 17 Insurance Contracts. 

IFRS 17 is effective for annual reporting periods beginning on or after 1 January 2021.

Key topics:

• Identifying an insurance contract
• Scope exclusions
• Separating components from an insurance contract
• Level of aggregation of insurance contracts
• Recognition
• Measurement
• Premium allocation approach
• Reinsurance contracts held
• Presentation and disclosure
• Transition to IFRS 17

• Describe and identify an 'insurance contract', a reinsurance contract, and an investment contract with direct participation features
• Describe and identify the contracts, or components thereof, to which IFRS 17 applies
• Explain the unit of account (level of aggregation) applying to contracts within the scope of IFRS 17
• Describe the recognition and derecognition requirements applying to contracts within the scope of IFRS 17
• Explain and apply the approach to measurement of insurance contracts under the general model
• Describe how the measurement requirements are modified for onerous contracts, insurance contracts with direct participation features, and investment contracts with discretionary participation features
• Explain the premium allocation approach and identify when it may be applied
• Describe the presentation and key disclosures specified by IFRS 17
• Describe the transition requirements of IFRS 17