This International Financial Reporting Standards course introduces you to the objectives, definitions and scope of IFRS 17. This course also provides an overview of the measurement models applicable to insurance and reinsurance contracts.

Learning Objective:

• Identify the objectives and features of insurance and reinsurance contracts under the provisions of IFRS 17 Insurance Contracts

Content:

• Objectives, Definitions, and Scope
  • Need for a global insurance standard
  • The IASB's objective in developing the standard
  • Definition and examples of insurance contracts
  • Unbundling noninsurance components of a contract
  • Unit of measurement, the concept of portfolios and groups of insurance contracts and when they need to be considered
  • Recognition of contracts and the concept of contract boundaries
• Introduction to Measurement Models for Insurance and Reinsurance Contracts
  • Building Block Approach (BBA)
  • Premium Allocation Approach (PAA)
  • Other variations on measurement models
• Transition and interaction with IFRS 9 Financial Instruments