Preparation of Financial
Statements with IFRS 17
and the Transition from IFRS 4
14 – 22 July 2025
Sandton Centre
Johannesburg South Africa
Register Now! Limited Seats Available!
R24, 999.00 Per Delegate
Course Overview
The insurance industry is undergoing a fundamental shift in financial reporting with the implementation of International Financial Reporting Standard 17 (IFRS 17), which replaces the long-standing IFRS 4. IFRS 17 introduces a comprehensive and consistent accounting model for insurance contracts, aimed at improving transparency, comparability, and financial insight for investors and regulators.
This course is designed to equip finance, accounting, actuarial, and audit professionals with the knowledge and practical skills needed to prepare financial statements in full compliance with IFRS 17. It also focuses on understanding the transition from IFRS 4, addressing the significant changes in measurement, presentation, and disclosure requirements that come with the new standard.
Participants will gain a solid understanding of the core components of IFRS 17, including the General Measurement Model (GMM), Premium Allocation Approach (PAA), and Variable Fee Approach (VFA). Emphasis will be placed on the preparation of financial statements, including balance sheets, income statements, cash flows, and note disclosures, with detailed comparisons between IFRS 4 and IFRS 17.
Key Takeaways:
• A deep understanding of IFRS 17 concepts and models
• Practical skills in preparing IFRS 17-compliant financial statements
• Clarity on differences between IFRS 4 and IFRS 17
• Knowledge of transition strategies and real-life implementation challenges
• Enhanced ability to support financial reporting, audit readiness, and regulatory compliance
Who Should Attend?
• Accountants and finance teams in insurance companies
• Actuarial and risk management professionals
• Internal and external auditors
• Financial analysts and regulatory compliance officers
• IFRS implementation teams
Course Outline
Day 1: Foundations and Conceptual Framework
Module 1: Introduction to IFRS 17
• Purpose and objectives of IFRS 17
• Limitations of IFRS 4 and reasons for replacement
• Overview of IFRS 17 principles
• Scope and applicability
• Key definitions: insurance contracts, contract boundaries, portfolios, cohorts
Module 2: Comparing IFRS 4 and IFRS 17
• Measurement differences
• Recognition of revenue and expenses
• Disclosures: then and now
• Impact on profit emergence and volatility
Day 2: Measurement Models under IFRS 17
Module 3: General Measurement Model (GMM)
• Fulfilment cash flows: estimates of future cash flows, risk adjustment, discounting
• Contractual Service Margin (CSM) and its role
• Recognition of insurance revenue and insurance service expense
• Insurance provisions under IFRS 4 and IFRS 17
o How the provisions are made
o How they are presented in financial statements and disclosures required
Module 4: Other Measurement Models
• Premium Allocation Approach (PAA) – for short-term contracts
• Variable Fee Approach (VFA) – for participating contracts
• Criteria for model selection and practical examples
Day 3: Reinsurance and reserving strategies
• Understanding the concept of risk
• Understanding the concept of insurance and reinsurance
• Appreciate the need for, benefits and limitations of reinsurance
• Describe fundamental legal principles of insurance and reinsurance
Taxation of principles of Insurance/reinsurance and compliance
• Insurance/reinsurance taxation fundamentals
• Techniques for detecting and preventing insurance tax fraud
International taxation and reinsurance
Day 4: Financial Statements and Disclosures
Module 5: Financial Statement Preparation under IFRS 17
• Balance sheet presentation of insurance contract assets/liabilities
• Statement of profit or loss and other comprehensive income
• Changes in the presentation of revenue and expenses
• Statement of cash flows
• Key differences in KPIs
• Presentation of financial statements and disclosures under short-term (general) insurance
• Presentation of financial statements and disclosures under long-term (life) insurance
• Presentation of financial statements and disclosures under re-insurance
Module 6: Disclosure Requirements
• IFRS 17 disclosure objectives
• Quantitative and qualitative disclosures
• Grouping and aggregation rules
• Sample note disclosures and layouts
Day 5: Transition from IFRS 4 to IFRS 17
Module 7: Transition Approaches
• Full Retrospective Approach (FRA)
• Modified Retrospective Approach (MRA)
• Fair Value Approach (FVA)
• When and how to apply each method
• Reconciliation of opening balances under IFRS 17
• Disclosure of transition impacts
Module 8: Practical Transition Challenges
• Data availability and quality
• Actuarial models and assumptions
• Systems and IT requirements
• Regulatory implications
• Communication with stakeholders and auditors
Day 6: Hands-On Case Studies and Wrap-Up
Module 9: Practical Workshops and Case Studies
• Prepare sample balance sheet and income statement using IFRS 17
• Transition calculation exercise (GMM/PAA)
• Example financial disclosures comparison (pre- and post-IFRS 17)
• Discussion on strategy and change management for successful transition
Day 7: Module 10: Summary and Evaluation
• Recap of key changes from IFRS 4 to IFRS 17
• Lessons learned from early adopters
• Group Q&A, participant feedback
• Post-training self-assessment or test (optional)
End of the workshop
IN HOUSE AND ONLINE TRAINING
While both In-House and Online training can present with cost-effectiveness and time-efficacy, there are some very specific differences between in-house courses and those based online.
The demand for additional courses by individuals or groups of people is increasing. Still, it depends entirely on the preferences of a person what type of training he or she wants to receive. Online courses and in-house training carry some similarities but they are considered to exhibit some very pivotal differences too. Despite that, both types of learning can be really beneficial for attendees.
For Registration and other Training arrangements,
contact us on the detail below.
SOUTH AFRICA : +27 11 057 6001
TANZANIA Cell: +255 769 688 544
WhatsApp +27 79 574 0389
info@bmktraining.co.za / www.bmktraining.com
