Fundamentals of IFRS-17 and the implementation roadmap
“Risk Management will soon become a ‘Hot Job’- Bloomberg”
The new accounting standard on insurance contracts, IFRS 17 is about to replace IFRS 4 from January 2023 onwards. The objective of IFRS 17 is to provide increased transparency of the profitability of insurance companies, and to provide enhanced comparability between the financial statements of insurance companies worldwide. Given the complexity of the standard, this is a high time when insurance companies should team up for smooth and effective implementation of IFRS-17.
The training is powered by SHMA Consulting , the training partner of Ed-Watch.
On completion of the course you will be better able to:
- Identify which transactions are within the scope of IFRS 17
- Determine the impact of IFRS-17 implementation
- Understand the fundamentals of the General Measurement Model
- Understand the fundamentals of the Variable Fee Approach
- Learn about the key considerations in implementation of IFRS-17 and determine a roadmap for the implementation
- Understand the role of external auditors
Session 1 by Abdul Moid Ahmed Khan: P&C /Short-term insurers
- Impact on P&C insurers – actuarial, accounting and IT areas
- Actuarial and Accounting Example – General Insurers (PAA)
- Next Steps
Session 2 by Muhammad Usama Dangra: Life /Long-term insurers
- Impact on Life insurers – actuarial, accounting and IT areas
- Actuarial and Accounting Example – Life insurers (GMM/VFA)
- Next Steps
Session 3 by Hena Sadiq: Key Considerations in implementation
- Areas to focus for IFRS-17 implementation
- Road Map for implementation
- External Auditors: What they need to do during and post-implementation
Participants will receive a participation certificate with the credit hours.
Date and Time:
- This is a self-paced program available 24/7 on the LMS
- One hour Q&A live classes with the subject matter expert twice a month. Unlimited Access available at all times.
Participants will receive a successful course completion certificate subject to completion of post training quiz and assignment.
At the end of each Program we carry out a survey to ensure our participants receive the best of our services.
Abdul Moid is a Consulting Actuary with more than thirteen years of actuarial and insurance advisory experience in most of the GCC countries and a few Asian countries including Pakistan. He has implemented IFRS-17 for the largest multinational insurance company in the GCC region and He is also serving as lead consultant in the areas of actuarial, accounting and IT for the implementation of IFRS-17 for various other insurance companies. Abdul Moid is a fellow member of the Society of Actuaries (FSA), USA and a member of the IFRS-17 Working Group of both ICAP and AAOIFI, Bahrain. He is also a Committee Member Gulf Actuarial Society, UAE. He is currently associated with SHMA Consulting DMCC, UAE.
Muhammad Usama Dangra is a Consulting Actuary with more than 8 years of working experience for multiple clients within the MENA region. He has been instrumental in performing IFRS-17 gap and financial assessment as well as determining technical provisions for life and business insurance. He is a fellow member of the Society of Actuaries (FSA) – USA, and has also served as the council member of Pakistan Society of Actuaries.
Hena Sadiq is an Audit and Assurance Partner at Yousuf Adil, Chartered Accountants (formerly Deloitte). She is managing a diversified portfolio of more than 70 clients with a manpower force exceeding 150. She is looking after the financial services sector and is actively involved in implementation of IFRS-17 in Pakistan. Ms. Hena is a Chartered Accountant from ICAP. She was also a faculty member of College of Accounting and Management Sciences, CAMs for five years and is currently serving on various ICAP Committees as a member.