THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
IFRS 17-Insurance Contracts Webinar
Date: 19th May 2022
Time: 04.00pm – 06.00pm
IFRS 17 applies to insurance contracts and provides a guide on principles of recognition, measurement, presentation, and disclosure of insurance contracts. This standard aims at regulating insurance related matters of accounting treatment and reporting of financial data to enhance transparency and decision usefulness for users of these financial information. IFRS 17 was derived from IFRS 4 which was issued in 2004 by the IASB which was set hold in place as the board undertook the project on insurance contracts. In May 2017 the project was finalized with issuance of IFRS 17 which set forth the principles of registration, measurement, presentation, and disclosure of insurance contracts within the scope of IFRS 17. Later in 2020 the IASB amended IFRS 17 with the objectives to accommodate without unduly disrupting implementation or reducing the adequacy of the information provided by applying this standard.
This standard not only guides the financial reporting aspect of insurance business but also plays a crucial role in various aspects such as product design and dispensation, budgeting, compensation policies, forecasting methodologies and may more which all build up the business planning and execution process. It is on this context that ICPAK has organized for this training to have and in-depth analysis on the technical aspects and scope of IFRS 17.
The following topics will form basis of discussion during this important webinar.
- Measurement of insurance contracts
- Modification and derecognition of insurance contracts
- Scope of IFRS 17
- Technical aspects and applied illustrations
- Key definitions and principal terminologies
- Key principles of IFRS 17
- Amendments to IFRS and possible implication to financial reporting.
- Contractual scheme margin and subsequent measurement
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS (CPD UNITS):
Members of ICPAK and reciprocating professional bodies will be awarded 2 Structured CPD Units upon successfully completion of the Webinar.
The Webinar charges are Kshs. 1,000. Charges will cater for online video access fees, learning materials, and e-certificates of attendance
Chief Finance Officers, Finance and Management Accountants, Financial risk experts, Insurance risk expert, Insurance agents, Credit risk analysts.
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.