THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
IFRS 17-Insurance Contracts Part 1 (Modelling)
Theme: Insurance Contracts Reporting made easier
Date: 19th May 2021
Time: 4.00 – 6.00 PM
IFRS 17 is the newest IFRS standard for insurance contracts and replaces IFRS 4 on January 1st, 2022. It states which insurance contracts items should be on the Financial Position and the Comprehensive Income Statement of an insurance company, how to measure these items and how to present and disclose this information.
This workshop simplifies the information needed to identify the specific requirements of the new IFRS 17 Insurance standards. It also brings you up to date with the possible application challenges to improve staff and organizational performance. One does not need to work in an insurance company to participate, the training suits everyone working with IFRS 17 insurance contracts.
To help address the questions and any other concerns around the Insurance Contracts related to IFRS 17, the Institute has organized a Webinar to address this critical topic.
To guide the discussion during the Webinar, the following areas will form the focus of discussion:
- Introductions, objectives, and background
- Overview of IFRS 17
- Key principles of IFRS 17
- Definition and scope
- Determining the unit of account (aggregation and groups of contracts)
- IFRS 17 Accounting models
- List of insurance contracts that IFRS 17 shall be applied to.
- IFRS 17 Measurement and presentation
- General model
- Premium allocation approach (The PAA)
- Modifications to the general model
- IFRS 17 transition options and disclosures
- IFRS 17 presentation and disclosure
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS (CPD UNITS):
Members of ICPAK and those from reciprocating professional bodies will be awarded 2 Structured CPD Units upon successfully completion of the Webinar.
The Webinar charges are Kshs. 1,500. Charges will cater for online video access fees, learning materials, and e-certificates of attendance
Registration: Delegates are reminded to note that online booking for webinar is mandatory on https://www.icpak.com/event-registration/Online Booking. We call on Seminar participants to note that booking for is available only online at www.icpak.com/events and will close two hours before the training session. Delegates are reminded to note that online booking for training sessions is mandatory.
NATIONAL INDUSTRIAL TRAINING AUTHORITY (NITA) REIMBURSEMENT:
The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke)
We encourage members to regularly visit our website https://www.icpak.com for updates.