Accounting for IFRS 17 (Insurance Contract) and IFRS 9 (Financial Instruments)

Background

IFRS 17 will be effective on 1 January 2023. The features in insurance products are increasingly diverse where an accounting standard is needed that can accommodate this. IFRS 17 will make the Financial Statements of insurance companies more comparable with other industries such as banking and other financial services companies. IFRS 17 also requires a clear separation between income generated from the insurance business and income from investment activities. Insurers will initially apply IFRS 9 in 2023 at the same time as they  initially  apply  IFRS 17. Early adoption is permitted if IFRS 9 is also applied at the date  of adoption or earlier.

Objective:

1. Equip participants with current accounting issues of IFRS 17 and 9
2. Equip participants with measurement techniques of insurance liabilities and financial instruments
3. Equip participants with accounting treatment and working paper of insurance liabilities and financial instruments

Learning outcome:

1. Participants understand the new format of financial report based on IFRS 17.
2. Participants are able to calculate the contractual service margin.
3. Participants are able to calculate insurance liabilities using the Building Block Approach (BBA), Premium Allocation Approach (PAA), and Variable Fee Approach.
4. Participants understand the accounting treatment based on IFRS 17.
5. Participants are able to classify categories of financial instruments.
6. Participants understand the accounting treatment for financial instruments
7. Participants are able to calculate Expected Credit Los (ECL) using 12 months and lifetime approach.

Please join us for a better understanding in the context of implementation in your company. Our training provides practical and easy to understand teaching methods.

*Trainer : Ahalik, CPA, CMA, CA, Asean CPA*

*Partner of Public Accountant Firm, Accounting Lecturer, and Author*