THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
Advanced IFRS 17 Webinar – Recording
Date: 27th February 2024
Time: 04.00pm-06.00pm
Venue: Online
Overview
Within the scope of the standard, IFRS 17 provides the criteria for the recognition, measurement, presentation, and disclosure of insurance contracts. IFRS 17’s aim is to make sure that an entity provides relevant information that faithfully represents those contracts. This information provides a foundation for financial statement users to examine the impact of insurance contracts on the entity’s financial position, financial performance, and cash flows.
IFRS 17 was issued in May 2017 and applies to annual reporting periods beginning on or after January 1, 2023, with earlier adoption permitted, as long as IFRS 9 is also applied.
Insurance contracts incorporate elements of both a financial instrument and a service contract. Furthermore, many insurance contracts generate cash flows with significant variability over time. To provide useful information about these features, IFRS 17:
- Combines current measurement of future cash flows with profit recognition during the time during which services are performed under the contract;
- Presents insurance service results (including presentation of insurance revenue) separately from insurance finance income or expenses; and
- Requires an entity to make an accounting policy choice of whether to recognise all insurance finance income or expenses in profit or loss or to recognise some of that income or expenses in other comprehensive income.
The Scope of the Standard
An entity shall apply IFRS 17 to:
- Insurance contracts, including reinsurance contracts, it issues; c
- Reinsurance contracts it holds; and
- Investment contracts with discretionary participation features it issues, provided the entity also issues insurance contracts.
The webinar will discuss the following aspects relating to the standard:
- Separating components from an insurance contract
- Recognition of IFRS 17
- Measurement of IFRS 17
- Risk adjustment for non- financial risk
- Contractual service margin
- Onerous contracts
- Presentation of IFRS 17 in Financial Statements
- Disclosures and Transition
Target Audience
This webinar will be useful to all professional Accountants and those aspiring to join the profession
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 2 CPD Units upon successfully attending each of the sessions.
Cost:
Charges for the training will be Kes 1,000/= which will cover workshop fees, materials, and e-certificates of attendance.
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. This is available either online at www.icpak.com/events or on the ICPAK Live – A smart phone-based application that is available from google store.
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)