18 May 2022
IFRS 17: A Deep Dive Into Revenue from Insurance Contracts
IFRS 17 will become effective on January 1 2023 and it represents a step change for all entities that are required to apply its guidance.
The changes will not be limited to the measurement of contracts – including their presentation in the balance sheet – but also substantially change how insurers present their period performance in the statement of comprehensive income.
This web session takes a closer look on the “top line” item in the profit and loss account: insurance contract revenue. Depending on the nature of the business, insurance revenue may be very similar to the starting point for net income calculation according to current accounting regimes – or it may substantially differ. In either case, companies need to prepare for substantial changes to internal and external processes: Calculation of revenue, explanations to (and by!) internal and external stakeholders, and amended key performance indicators (KPIs).
This web session is an updated and extended version of the May 2021 web session on the same topic.Organised by the EAA – European Actuarial Academy GmbH.
The web session is suited for all interested individuals involved in financial reporting according to IFRS, such as actuaries or specified accountants, controllers involved in valuation, controlling, auditing and consulting.
Participants are expected to have a general understanding of IFRS 17, as there will be no time to recall basic concepts of the Standard.
Technical RequirementsPlease check with your IT department if your firewall and computer settings support web session participation (the programme Zoom is used for this online training). Please also make sure that you are joining the web session with a stable internet connection.
Purpose and Nature