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IFRS 17: Insurance Contracts

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Before starting this self study program, please go through the instructional document.

Overview

  • Publicly Accountable Enterprises
    10 mins
  • Applicability
    22 mins
  • Prudence
    36 mins
  • Definitions
    52 mins
  • Payments in kind
    69 mins
  • Explanation of recognized amounts
    91 mins

Course Description

Accounting practices for insurance contracts have been diverse. They have often differed from practices in other sectors.  Because many entities will adopt IFRS, or have already done so, the International Accounting Standards Board has issued this International Financial Reporting Standard dealing with Insurance Contracts.

The purpose of this standard is to provide limited improvements to accounting for insurance contracts until the Board completes the second phase of its project on insurance contracts for January 1, 2023. In addition, this IFRS requires any entity issuing insurance contracts (an insurer) to disclose information about those contracts.

Key topics covered in this Accounting CPE webinar for CPAs: 

  • What is a lease and what is excluded?
  • Definition of lease-specific terms.
  • Classification tests for lessees and for lessors.
  • Review of the different types of leases.
  • Accounting treatment for lease.
  • Required disclosures.


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Learning Objectives

  • To identify the different types of leases.
  • To discuss how to account for leases.
  • To be able to classify leases.
  • To review the differences for lessees and lessors.
  • To know the required disclosures of IFRS 16.

Who Should Attend?

  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA