Program Brief

The insurance sector has long been a special case in terms of financial reporting, and the complexity of insurance – in terms of its long-term nature and the implied difficulty in defining “return” as found in any other business makes it different from others. The financial statements of the insurance company are different from any other statements. The year 2021 witnessed the start of the implementation of the new comprehensive standard issued by the International Standard Board No. 17 related to insurance contracts. This program is designed to explain the IFRS-17 standard, review the types of financial statement analysis, identify insurance contracts and their rules, in addition to clarifying the application mechanism and the implications of the application.

Sectors
Program Topic
  • Accounting and Finance
Program Goals

At the end of the training program, the participant should be able to:

  • Familiarity with the radical changes that will occur in the financial statements and key performance indicators of insurance companies using IFRS 17 standard.
  • Identify the main requirements of the International Standard for Insurance Contracts IFRS 17 to discover the main differences between IAS 4 and IFRS 17 and their impact on the financial statements used.
  • Evaluation of the methods and schedule for the transition to the international standard for insurance contracts IFRS 17 and the stages of the general model of the international standard for insurance contracts and its subsequent measurement.
  • Reviewing the impact of applying the International Financial Reporting Standard IFRS 17 on the development of measurement, presentation disclosure and improving the quality of financial reports for insurance companies in the Kingdom of Saudi Arabi
Program Agenda
Module 1: International Standard IFRS 17 "Insurance Contracts"
  • 1 The Nature of International Financial Reporting Standards IFRS17

    • 2 The Concept and Importance of IFRS 17

      • 3 The Objectives of the International Standard IFRS 17

        • 4 Implications for the applying of IFRS 17

          • 5 Transition from IAS 4 to IFRS 17.

            • 6 Case Studies

              Module 2: The scope of work of the international standard IFRS 17 "insurance contracts"
              • 1 The Nature, Concept and Importance of the Insurance Contracts

                • 2 The Concept of Insurance Risks, Levels and Scope

                  • 3 Exceptions to the International Standard of Insurance

                    • 4 The General Accounting Model and Defining the Unit of Account

                      • 5 The Available Accounting Models

                        • 6 Curricula used for the International Standard for Insurance

                          • 7 Non-insurance Elements Contained in Insurance Contracts

                            • 8 Case Studies

                              Module 3: Measurement and Presentation of IFRS 17
                              • 1 Levels of the General Model of the Standard and its Amendments

                                • 2 International Recognition of the Standard and Subsequent Measurement of the Standard

                                  • 3 Present the Standard in the Comprehensive Income Statements

                                    • 4 Insurance Premiums Allocating

                                      • 5 Case Studies

                                        Module 4: Insurance contracts and their rules
                                        • 1 The Nature and Components of the Insurance Contracts

                                          • 2 Retrospective Amendments to Contracts

                                            • 3 The Basic Rules for Insurance Contracts

                                              • 4 Accounting for Re-Insurance Contracts

                                                • 5 Transformation Rules for the International Standard of Insurance

                                                  • 6 Define New Data Requirements for Compliance

                                                    • 7 Fair Value of Contracts

                                                      • 8 The Disclosure System Applied in the International Financial Reporting Standard

                                                        • 9 Case Studies

                                                          Program Requirements
                                                          • The professional exam for Insurance Foundations

                                                          The professional exam for Insurance Foundations

                                                          • Advanced Certificate in Accounting

                                                          Passing an advanced certificate in accounting.

                                                          Program Path

                                                          Names of the training programs that are integrated (enriched) with the training program:

                                                          • Not Available

                                                          Names of the training programs that after the training program:

                                                          • Not Available
                                                          Program Method
                                                          • Lecture
                                                          • Case Studies
                                                          • Brainstroming
                                                          • Practical Implementation
                                                          • Dialogue Teams
                                                          Evaluation Method
                                                          • Pre Exam
                                                          • Post Exam
                                                          Training Type
                                                          • In Class Training
                                                          • Online Training
                                                          Partners
                                                          • aljhood group

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