Fundamentals of IFRS-17 and the implementation roadmap
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.
Ed-Watch, a primarily online training platform that has always been experimenting with the way skills training is delivered, is proud to come up with a new format of training, a Hybrid model, where the training will both be provided in-person and will be available online to those who are unable to attend in person, all the way from the Marriott hotel.
The training is powered by SHMA Consulting, the training partners 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 Muzammil Ahmed: Life /Long-term insurers
- Impact on Life insurers – actuarial, accounting and IT areas
- Actuarial and Accounting Example – Life insurers (GMM/VFA)
- Next Steps
Session 2 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 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
Muzammil Ahmed is a Consulting Actuary with more than 4 years of working experience for multiple clients within the MENA region. He has been actively involved in all stages of implementation of IFRS-17 including; gap analysis, financial assessment and dry runs for the past two years with special focus on life and long term. He is an associate member of the Society of Actuaries (FSA) – USA.
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.
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.