INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under Accountants Act, Laws of Kenya)
IFRS 17-Insurance Contracts Part 2 (Modelling)
Date: 20th May 2021
Time: 4.00pm -6.00pm
Venue /Platform: Zoom
IFRS 17 Insurance Contracts establishes the principles for the recognition, measurement, presentation, and disclosure of Insurance contracts within the scope of the Standard. The objective of the standard is to ensure that an entity provides relevant information that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have on the entity’s financial position, financial performance, and cash flows.
Key definitions that require familiarization of the standard include: Insurance contract, Portfolio of insurance contracts, Contractual Service Margin (CSM), Fulfilment Cash Flows and Risk adjustment for non-financial risk.
To guide the discussion during the Webinar, the following areas will form the focus of this very important virtual event.
- Separating components from an insurance contract.
- Major amendments done and implementation matrix.
- At what stage can an entity recognize a group of insurance contract?
- Discount rates to be applied.
- Use of Premium Allocation Approach.
- Use of modified retrospective approach.
- Level of aggregation.
- How to measure the Contractual Service Margin (CSM)
- How entities measure group of contracts using
- The amount of fulfilment cash flows (FCF)
- The contractual service margin (CSM)
- Practical expedients available under the Premium Allocation Approach
- Modification of Reinsurance contracts held
- Modification and de-recognition of the Insurance contract
- Developing the required models and disclosures
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 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)
Further requests can be channeled to us via telephone calls on +254 719 074 100 or via email: email@example.com
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