Implementation of IFRS 17

Jan 16 – 27, 2023 ONLINE No Fee

Jan 12, 2023 Financial Stability and Prudential Supervision, Accounting and Financial Reporting, Auditing

English

Please note that we have exceeded the number of applications that can attend the course. To still be able to offer the envisaged quality of the learning event, we had to limit the participation. We thank everyone very much for the shown interest, while no more applicants can be accepted this time.

This online course is delivered in cooperation with the International Monetary Fund and the Insurance Supervision Agency of Slovenia.

The course will be delivered in the period of 2 weeks, where participants will be convening on a daily basis at webinars taking place Monday-Friday at 13:00-16:00 CET. Webinars will be delivered via Zoom.

About this learning event

The online course will be an advanced learning program with the objective to provide a wider understanding on IFRS 17 and interactions with IFRS 9 that will enhance supervisors level of preparedness and assist in the development of adequate processes to accommodate the transition to IFRS 17 with respect to risk assessment, regulatory reporting and solvency requirements. Moreover, the training will assist supervisors in holding discussions with the insurance sector to assess impacts, ongoing challenges and to design policy responses to IFRS 17 implementation.

The course is designed to take on board participants to work on cases and be involved discussion sessions. Thus, active participation and working knowledge of English is expected. The course is intensive where webinars are planned to take place for 3 hours. However, they will provide a mix of presentations on IFRS 17, actual examples of implementation, interactive sessions on case studies as well as we will provide space for discussions and questions and answers from participants.

More on the International Financial Reporting Standard 17

IFRS 17 superseded IFRS 4. It will impact the valuation of actuarial liabilities, revenue recognition and solvency calculation. Insurers must apply IFRS 17 to insurance contracts issued, reinsurance contracts issued and reinsurance contracts held. At the same time as IFRS 17 is implemented, IFRS 9 will be implemented for insurers. In combination, IFRS 17 and IFRS 9 pose a significant change to insurance accounting reporting framework and requires insurers to restructure their financial reporting practices and financial statements. In this context, insurance supervisory agencies require a wider knowledge of IFRS 17 along with IFRS 9 and interactions between them so that they can adequately supervise (re)insurance entities.

Who should attend

Experts from competent authorities working on insurance sector supervision, i.e. from insurance supervisory agencies, financial supervisory authorities or central banks. The event will be tailored to take on board countries that are yet to implement the IFRS 17 as well as for those that will have it implemented already as of beginning of the year.