IFRS for the Insurance Industry
Duration: 3 Days
This valuable course answers questions such as:
1. What are the current and likely future reporting requirements under US GAAP?
2. What are the key features of IFRS 4?
3. How does US GAAP compare with IFRS 4?
4. What unresolved issues are being addressed by Phase II of the IASB’s Insurance Project?
5. What are the likely next steps in Phase II of the IASB’s Insurance Project?
Course Summary
This three-day course provides a comprehensive view of the most important accounting and reporting requirements for insurance companies (life and non-life) under both US GAAP and IFRS.
Course Benefits
- Understand the objectives and framework for US GAAP financial reporting
- Comply with US GAAP accounting and reporting for insurance companies
- Comprehend key GAAP and Non-GAAP financial measures
- Compare US GAAP accounting with international accounting for insurers
- Discuss current issues being debated by the FASB, EITF, IASB and others
- Discern the major features of IFRS 4
- Prepare for likely next steps in insurance accounting & reporting under IFRS
Teaching Method
- Description and explanation of US GAAP accounting principles for insurance companies
- Practical illustrations using model journal entries, model financial statement disclosures, case studies
- All participants receive copies of the presentation slides and course materials
Course Topic
Course topics, presented through examples, case studies, model entries, and illustrative financial statements, include:
- Financial statement presentation issues
- Valuation and reporting issues
- Reinsurance reporting and disclosures
- Derivatives and hedging
- Cash flow reporting
- Required journal entries
- Notes to financial statements
- Techniques for identifying and valuing embedded derivatives
- Comparisons between US GAAP and IFRS, including discussions of convergence and emerging accounting issues.
This valuable course also includes review and explanation of the requirements of IFRS 4 and important related topics affecting insurance companies, including:
- Contract classification and embedded derivatives
- Unbundling of deposit components
- Shadow accounting and other changes in accounting policies
- Insurance contracts acquired in a business combination
- Scope, recognition & measurement of insurance revenues and liabilities
- Reinsurance
- Product guarantees
- IASB’s basis for conclusions in IFRS 4. In addition, delegates will learn about the latest developments in Phase II of the IASB's Insurance Contracts project, and about the convergence of IFRS with national standards (e.g. US GAAP).
