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

Tuition Fee: 
360.00 USD
Tuition Fee THB: 
฿ 10800.00
Date: 
17 August - 01 September 2021

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.

 

No

Date & Time

Sub – Topic

1

Tuesday, 17 August 2021 at 2.00 – 4.00 PM

  1. Difference between IFRS 4 and IFRS 17
  2. Contractual Service Margin (CSM)

 

2

Wednesday, 18 August 2021 at 2.00 – 4.00 PM

  1. Accounting for Building Block Approach (BBA)
  2. Accounting for Premium Allocation Approach (PAA)

 

3

Tuesday, 24 August 2021 at 2.00 – 4.00 PM

a. Accounting for Variable Fee Approach (VFA)

b. Financial statement presentation using IFRS 17

 

4

Wednesday, 25 August 2021 at 2.00 – 4.00 PM

Classification of financial instruments (AC, FVTOCI, and FVTPL)

 

5

Tuesday, 31 August 2021 at 2.00 – 4.00 PM

Accounting treatment for financial instruments and its tax effect

6

Wednesday, 1 Sept 2021 2021 at 2.00 – 4.00 PM

Expected Credit Loss (ECL) model using 12 months approach 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*