Accounting for Insurance Contracts Course

Location: Available Globally

Dates: Open date - Open date

Duration: -

Price: GBP

Weaknesses in various accounting standards have forced accounting standard setters to review current approaches to insurance accounting. New regulatory moves, particularly IFRS 4, now make it very important for accountants within the insurance industry not only to update themselves on proposed new accounting standards but also to ensure that they represent the risks and performance accurately on the financial statements. Revolutionary changes are expected to take place over the next two years, creating a demand for people with knowledge and expertise in ‘fair value’ accounting, hedging and risk management. The New IFRS 4 Insurance Contracts standard requires certain insurance contracts to be valued using fair value accounting. This course covers all of the important areas of regulatory change in this subject, focusing on both the standards themselves and their application in practice. Course categories:Accounting & Finance Inhouse, Insurance Inhouse
COVERED TOPICS

INTRODUCTION TO IFRS 4 Definition of an Insurance Contract Unbundling Lending/Deposit Component Finite insurance Current Exemptions under IAS 8 Participating Features INSURANCE PROJECT – PHASE TWO Asset Liability Approach Impact on Credit Ratings Profit & Loss Volatility Hidden Loans Embedded Derivatives LIFE ASSURANCE Case Studies on how companies account for Life Assurance Enhanced Disclosure Requirements Case Study: the Equitable Life Scandal Embedded Value Accounting LIABILITY ADEQUACY TESTING Carrying Value of Insurance Liabilities IAS 37 Provisioning FRS 4 Marking to Market Liabilities PARTICIPATION FEATURES Equitable Life Issues IAS 32 Equity vs Liability Disclosure Requirements EXAMPLES OF CURRENT INSURANCE ACCOUNTING PRACTICES Deferred Acquisition Costs Deferral & Matching of Premiums Incurred but Not Reported (IBNR) Accounting Examples of Accounting for Life Assurance		INSURANCE ASSETS – IAS 39 Category of asset – trading, available-for-sale, held to maturity or loans Valuation issues and the treatment of gains and losses CHANGES IN ACCOUNTING POLICIES Current market interest rates Continuation of Existing Practice Prudence Future Investment Margins Shadow Accounting Discretionary Participation Features Insurance contracts and Financial Instruments Financial Risk v Insurance Risk Valuation of financial instruments, treatment of gains and losses and the hedging exemptions available Treatment of Investment Linked Contracts Separate Account Contracts Capital Appreciation/Depreciation of Underlying Assets Dealing with contracts without Insurance Risk Deferred Acquisition Accounting Disclosures Explanation of Recognised Amounts Amount, Timing & Uncertainty of Cash Flows

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Price: GBP
Location: Available Globally
Event date: Open date - Open date
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Email: info@financialveritas.com

Phone: +44 208 133 5917

Accounting for Insurance Contracts Course

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