IFRS e-learnings for insurers
IFRS 17, moving towards implementation
A good understanding of International Financial Reporting Standards (IFRS) is crucial to applying them. Insurers in particular have to cope with specific complex and changing IFRS themes. In order to meet this specific industry knowledge need, we have developed a comprehensive IFRS e-learning curriculum for insurers.
The programme is tailored to meet the needs of this industry and covers emerging topics. As insurers are currently preparing for the implementation of IFRS 9 Financial Instruments and IFRS 17 Insurance Contracts, our e-learnings are centered around the relevant fundamentals. This will allow insurers to update their organisation on IFRS developments that are relevant to their industry and to distribute this within their organisation at relatively low costs. Anytime, anywhere. The overview below sets out the full programme. Furthermore, our unique IFRS e-learning curriculum for insurers reflects the changes made in the June 2020 Amendments to IFRS 17
IFRS e-learning for insurers
IFRS 17: Key lessons learned from training!
With the effective date fast approaching we see that the urgency to get the finance, actuarial and risk department(s) up to speed on IFRS 17 is increasing and the need for training is rising. Is your staff ready for IFRS 17? Or is knowledge still concentrated with a small number of individuals?Read more
How do you make sure you don't miss the train on IFRS 17?
E-learnings!
With experience gained over the last years on IFRS 17 implementations, and based on discussions both with our clients and within the PwC network, we noted there were knowledge gaps within the industry.
Read more
The complete IFRS 17 e-learning programme for insurers
Foundational package - IFRS 17
(7 modules)
Advanced package - IFRS 17
(4 modules)
IFRS 9 package
(5 modules)
Foundational package - IFRS 17
- Introduction to IFRS 17
- IFRS 17 measurement models - non-participating contracts
- IFRS 17 measurement models - participating contracts
- IFRS 17 presentation and disclosure
- IFRS 17 level of aggregation, transition, and other topics
- IFRS 17 in practice - cases
- Link between IFRS 17 and Solvency II
Introduction to IFRS 17
Introducing the participant to IFRS 17. At the end of this module, the participant should be able to:
- understand the scope and some key definitions of IFRS 17 and gain a general understanding of how they apply;
- identify and separate components of insurance contracts under IFRS 17, and
- understand how recognition works under IFRS 17 as well as the basic principles of the measurement approaches.
IFRS 17 measurement models - non-participating contracts
Focuses on measurement models for non-participating insurance contracts in IFRS 17. At the end of this module, the participant should be able to:
- understand the general approach and each of its components;
- apply the general approach to basic insurance contracts; and
- know how to measure an insurance contract using the premium allocation approach.
IFRS 17 measurement models - participating contracts
Covers the measurement models for participating insurance contracts in IFRS 17. At the end of this module, the participant should be able to:
- understand the characteristics of participating contracts, and
- understand how and when to apply the variable fee approach and the indirect participating approach.
IFRS 17 presentation and disclosure
Introducing the presentation and disclosure requirements of IFRS 17. At the end of this module, the participant should be able to:
- understand the basic presentation and disclosure of financial statements under IFRS 17;
- understand how revenue is calculated in IFRS 17;
- apply the presentation requirements to a basic insurance contract; and
- understand more on the reconciliations disclosed in the financial statements.
IFRS 17 level of aggregation, transition, and other topics
Focuses on level of aggregation and transition, but also covers other topics in IFRS 17. At the end of this module, the participant should be able to:
- understand what the level of aggregation is in IFRS 17 and how to apply the concept;
- understand the transition requirements;
- understand the basic requirements for reinsurance accounting in IFRS 17; and
- have an overview of modifications, transfers and derecognition of insurance contracts.
IFRS 17 in practice - cases
Covers some practice cases and builds on the foundational level of knowledge established in the other IFRS 17 e-learnings in the series. A participant can complete this course without having completed the other IFRS 17 e-learnings in the series, but is advisable to complete the others first.
Link between IFRS 17 and Solvency II
A general introduction that will cover the main differences between IFRS 17 and Solvency II. At the end of this module, the participant should be able to:
- understand the different objectives and backgrounds of the IFRS and Solvency II frameworks;
- understand the differences in measurement principles; and
- understand specific contract considerations and disclosure requirements.
Advanced package - IFRS 17
- Advanced General Measurement Model (GMM)
- Advanced Variable Fee Approach (VFA)
- Premium Allocation Approach (PAA)
- Reinsurance
Advanced General Measurement Model (GMM)
In 75 to 100 minutes, participants will have a deeper understanding about:
- establishing coverage units and the quantity of benefits in various scenarios;
- when and how to identify a non-distinct investment component (NDIC) and understanding measurement considerations of the NDIC;
- measurement of the contractual service margin (CSM) under different scenarios, including where a group of contracts changes from profitable to onerous and vice versa;
- the relevance, impact and election criteria of the OCI-option; and
- assessing contract modifications and the exercising of rights within the contract.
Advanced Variable Fee Approach (VFA)
In 75 to 100 minutes, participants will have a deeper understanding about:
- overview of differences and similarities between the VFA and the GMM;
- overview of technical requirements for VFA eligibility and practical examples of applying the criteria of “substantial share” and “variability”;
- establishing coverage units and how multiple types of service in a single contract are treated;
- the differences between components that vary and do not vary with the underlying items and their interaction; and
- accounting mismatches and the options in IFRS 17 to reduce such accounting mismatches (OCI-option and/or the risk mitigation option).
Premium Allocation Approach (PAA)
At the end of this 60 to 75 minute PAA module, participants will have a deeper understanding about:
- application of PAA Eligibility criteria;
- calculation of the liability for remaining coverage (LRC) for groups of contracts at initial recognition and for subsequent measurement;
- how revenue is calculated and released to profit or loss;
- how to measure onerous groups of contracts;
- how to treat (prepaid) acquisition cash flows for profitable, onerous and renewed groups of contracts; and
- how to treat financing components for the liability for remaining coverage and the liability for incurred claims.
Reinsurance
At the end of this 60 to 75 minute Reinsurance module, participants will have a deeper understanding about:
- the initial recognition for different types of reinsurance contracts held;
- measurement including risk of non-performance of a reinsurer;
- any adjustments to the CSM for the group of reinsurance contracts held when a group of underlying insurance contracts is onerous; and
- the disclosure option for the statement of profit or loss and the requirements of the statement of financial position.
IFRS 9 package
- Introduction to IFRS 9 Financial Instruments
- Classification and measurement under IFRS 9
- Impairment under IFRS 9
- IFRS 9 in practice - cases
- Introduction to hedge accounting under IFRS 9
Introduction to IFRS 9 Financial Instruments
Provides an overview of IFRS 9 Financial Instruments. At the end of this module, the participant should be able to understand the key changes in each of the areas of:
- classification and measurement;
- impairment; and
- hedge accounting.
Classification and measurement under IFRS 9
Provides learning for classification and measurement in terms of IFRS 9 Financial Instruments. At the end of this module, the participant should be able to understand classification and measurement under IFRS 9, from the perspective of an insurer.
Impairment under IFRS 9
Provides learning relating to impairment in terms of IFRS 9 Financial Instruments. At the end of this module, the participant should be able to understand impairment in terms of IFRS 9, from the perspective of an insurer.
IFRS 9 in practice - cases
Provides practice cases relating to IFRS 9 Financial Instruments. At the end of this module, the participant should be able to better understand various topics in IFRS 9 and apply them to insurers. A participant can complete this course without having completed the other IFRS 9 e-learnings in the series, but is advisable to complete the others first.
Introduction to hedge accounting under IFRS 9
Provides learning on hedge accounting under IFRS 9 Financial Instruments. At the end of this module, the participant should be able to understand hedge accounting in terms of IFRS 9, from the perspective of an insurer.
How to get the e-learning modules:
We offer two different ways to access the e-learnings for insurers on IFRS 17 and IFRS 9. The first option is a pay-per-registration option which can be made available from a minimum of 10 users for any of the packages as described above. This option is an easy and cost-effective way for those companies that would like to train only a limited number of individuals on the new standard. The second option is unlimited access to the e-learnings, which can be deployed within your organisation. Should you choose for unlimited access to the e-learnings, we will provide you with the e-learning modules to be incorporated in your Learning Management System (LMS). Alternatively, we offer you the use of our LMS, free of charge, if you wish to make use of the pay-per-registration pricing structure.
Contact us
Daniel Jayasinghe
Manager
+31(0)6 39 87 51 91
daniel.jayasinghe@pwc.com
Dilan Turan-Isguder
Senior associate
+31(0) 6 28 95 93 34
dilan.turan-isguder@pwc.com
